Agility reports Q3 2024 net profit of KD 10 Million

13/11/2024

<b>Agility reports Q3 2024 net profit of KD 10 Million</b>

Tarek Sultan, Chairman Agility Global

KUWAIT CITY, November 13: Agility, a supply chain services, infrastructure and innovation company, today reported Q3 2024EBIT of KD 44.8 million. This represents a 33% increase from the same period a year earlier. Revenue for the same period stood at KD 411 million which represents a14%increase from Q3 2023.

Agility’s third-quarter net profit stood at KD 10.1 million or 4.04fils per share. Note this quarter’s net profit is not comparable to the previous year due to the increase in minority interest as a result of the in-kind dividends distribution representing 49% of Agility Global PLC.

For the first nine months of 2024, earnings were KD 34.8 million, or 13.93 fils per share, EBIT grew 18% to KD 129.4 million, and revenue increased 11% to KD 1,122.7 million.

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Agility Vice Chairman Tarek Sultan said: “Agility’s performance in Q3 has continued to deliver strong results as our operating entities grow and seize new opportunities.

Agility Global, our main subsidiary, reported 36% EBIT growth, driven by the performance of its three largest businesses: Menzies, Tristar and Agility Logistics Parks (ALP). Menzies saw growth in new operations in Europe and Asia; Tristar has also shown good growth; and ALP grew in Saudi Arabia and is expanding in the Kingdom. On the investment side, DSV’s share price increased on the news of DSV’s acquisition of Schenker, resulting in an increase in the carrying value of Agility Global’s investments.”

Sultan said other entities within Agility, mainly in Kuwait, are pursuing their growth strategies and looking for opportunity to deliver the best value and return for shareholders.

Recap of Agility KSCP Q3 2024Financial Performance

•tAgility’s net profit was KD 10.1 million and EPS was 4.04fils.

•tAgility’s EBIT increased 33% and EBITDA increased 19% to KD 70 million.

•tAgility’s revenue increased 14% to KD 411 million and net revenue increased 22%.

•tAgility enjoys a healthy balance sheet with KD 4.1 billion in assets.

•tAgility reported an operating cash flow of KD148.1 million for the first nine months of 2024.