Agility reports KD16.1m net profit for Q2 2022, revenue grows 23.4% to KD138.4m

Agility reports KD16.1m net profit for Q2 2022, revenue grows 23.4% to KD138.4m

Agility, the Kuwait-headquartered operator and long-term investor in supply chain services, infrastructure and innovation, reported H1 2022 earnings of 11.41 fils per share on a net profit of KD28.8m. Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5 per cent from KD16.8m to KD28.8m. (EBITDA) increased 21.5 per cent to KD71m, and revenue grew 22.9 per cent to KD270.5m. For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD16.1m. Net profits from continuing operations increased 2 per cent from the same period last year while EBITDA was KD37 million, a decline of 4.1 per cent. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6 per cent. Revenue grew 23.4 per cent to KD138.4m. Agility vice chairman Tarek Sultan said: “Agility continues to deliver good results amid challenging market and geopolitical conditions. Our owned and operated, or controlled businesses reported year-over-year growth, and we expect continued growth and performance in our operations in 2022. Our goal is to grow these businesses further. The Menzies acquisition, which we concluded earlier this month, is a good example of this growth strategy. “When