Kuwait-based Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, reported first-half 2022 earnings of 11.41 fils per share on a net profit of 28.8 million Kuwaiti dinars. Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5 per cent from 16.8 million dinars to 28.8 million dinars. EBITDA increased 21.5 per cent to 71 million dinars, and revenue grew 22.9 per cent to 270.5 million dinars.
For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of 16.1 million dinars. Net profits from continuing operations increased 2 per cent from the same period last year. EBITDA was 37 million dinars, 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 138.4 million dinars.
“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,” said Vice Chairman Tarek Sultan.
“When it comes to Agility’s portfolio of investments, our largest investment, DSV, continues to be impacted by market performance. That said, Agility is a strategic and long-term investor, with deep supply chain expertise in our own right. We believe in the long-term potential of freight forwarding and transportation, as well as the other sectors we have invested in.”
For the second quarter of 2022, this segment reported revenue of 138.4 million dinars and EBITDA of 39.8 million dinars, increases of 23.4 per cent and 9.2 per cent, respectively.
Agility Logistics Parks revenue in the second quarter of 2022 grew 2 per cent vs. Q2 2021, while Tristar, a fully integrated liquid logistics company, posted a 23.8 per cent increase in revenue in Q2 2022. This growth was driven by strong performance of Maritime sector and Turnkey Fuel business.
National Aviation Services reported a 40.1 per cent year-over-year revenue increase in Q2 2022. The increase reflects the broad recovery in commercial aviation as flights, passengers and cargo volumes grew in most of the countries where NAS operates.
On August 4, Agility finalised its acquisition of UK-based John Menzies PLC and will combine Menzies with National Aviation Services. The enterprise value of the acquisition was 763 million pounds.
United Projects for Aviation Services Company reported a 35.7 per cent increase in Q2 2022 revenue, primarily due to a rebound in airport-related services and parking following the phased reopening of Kuwait International Airport. Flight and passenger volumes have grown since the relaxation of COVID restrictions by the government of Kuwait.
UPAC is also a co-investor in Abu Dhabi’s Reem Mall, on Reem Island.
At Global Clearinghouse Systems, Agility’s customs-modernization company, Q2 2022 revenue grew 10.5 per cent from second quarter 2021. The increase was driven by higher trade volumes and company growth initiatives.