KUWAIT CITY, KUWAIT – Agility on Monday reported second quarter 2023 earnings of US$46 million (KD 14.2 million), or 5.55 fils per share, a decrease of 11.7 percent over the same period in 2022.
Net profit this quarter was impacted by higher interest rate.. This was due to a general increase in interest rates in addition to an increase in debt required to finance the company’s acquisitions last year.
Agility is a long-term investor and operator in supply chain services, infrastructure, and innovation.
Agility’s EBITDA increased 63.4 percent to US$196 million (KD 60.5 million) and revenue grew 136.8 percent to US$1 billion (KD 327.8 million).
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 by 9.5 percent to US$134 million (KD 41.5 million) and revenue grew 8.9 percent in the second quarter of 2023.
For the first six months of 2023, Agility’s net profit stood at US$95.5 million (KD29.4 million), an increase of 2.3 percent, EBITDA increased by 70.4 percent, and revenues increased by 139.7 percent compared to the same period last year.
Q2 2023 Performance
Agility Vice Chairman Tarek Sultan said, “We’re pleased with our growth and performance this quarter. We continue to see good results in our operating businesses due to organic growth and our acquisitions in 2022.”
He said, “Global equity markets performed better this quarter, reflecting in our investments segment. Nevertheless, we continue to take a longer-term view of our strategic investments. We also continue to look for opportunities to drive and unlock value for our shareholders, customers, employees and communities.”