Kuwait’s Agility H1 profits jump 71.5% to $93.9mln

Kuwait’s Agility H1 profits jump 71.5% to $93.9mln

Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, has reported first half 2022 earnings of 11.41 fils per share on a net profit of KD28.8 million ($93.94 million).

Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5% from KD16.8 million to KD28.8 million. EBITDA increased 21.5% to KD71 million, and revenue grew 22.9% to KD270.5 million.

For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD 16.1 million. Net profits from continuing operations increased 2% from the same period last year. EBITDA was KD37 million, a decline of 4.1%. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6%. Revenue grew 23.4% to KD138.4 million, the company said.

Q2 2022 performance

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 it comes to