Kuwait: Agility’s revenue for Q1 soars to $1.04bn; net profit up 20%

Kuwait: Agility’s revenue for Q1 soars to $1.04bn; net profit up 20%

Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, has reported earnings of KD15.3 million (or 6 fils per share) for the first quarter of 2023, up 20% over the same period last year.

Announcing its financial results for the first three months ended March 31, 2023, Agility said its ebitda increased 78.1% to KD60.4 million, while its revenue grew 142.7% to KD 320.5 million and net revenue increased 178.6%.

The Kuwaiti group said it enjoys a healthy balance sheet with KD3.6 billion in assets. Its net debt stood at KD821.6 million as of March 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 39.8 million for the first quarter of 2023.

On a like-for-like basis - excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 - Agility’s ebitda increased 30% to KD44 million, and revenue grew 17%.

Agility 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