Kuwait’s Agility reports 20% rise in net profit to KD15.3m for Q1 2023

Kuwait’s Agility reports 20% rise in net profit to KD15.3m for Q1 2023

Kuwait-based Agility has reported Q1 2023 earnings of KD15.3m, or 6 fils per share, an increase of 20 per cent over the same period in 2022. Agility’s EBITDA increased 78.1 per cent to KD60.4m and revenue grew 142.7 per cent to KD320.5m. On a like-for-like basis, excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August last year, the company’s EBITDA increased 30 per cent to KD44m, and revenue grew by 17 per cent. vice chairman Tarek Sultan said: “Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time. On the investment side, equity markets improved in Q1 which was reflected in our investments. That said, we continue to look beyond short-term movement in equity markets, focusing instead on the strategic value, growth and returns that these investments can deliver for our shareholders over the long term. “Like all global businesses, we view ongoing inflation, high interest rates, currency volatility and other factors as reasons for continued caution about the near-term economic outlook. We are also closely watching the Kuwait land contracts