Agility’s Q2 2022 net profit of 16.1 million Kuwaiti dinars

Kuwait’s Agility, an operator and long-term investor in supply chain innovations, services and infrastructure, reported a net profit of KD 16.1 million and earnings per share of 6.35 fils for the second quarter of 2022.

In a report on its financial results for the first half of 2022, it said it made a net profit of 28.8 million Kuwaiti dinars, equivalent to 11.41 fils per share, and a 71.5% increase in net profit from continuing operations from 16.8. million Kuwaiti dinars 28.8 million Kuwaiti dinars. EBITDA increased by 21.5% to KD 71 million, while revenue increased by 22.9% to reach KD 270.5 million.

Also, profit in the second quarter from continuing operations increased by 2%, and quarterly EBITDA was 37 million Kuwaiti dinars, down 4.1%, however, EBITDA adjusted for non-recurring items increased by 8.6 to 23.4. % to reach 138.4 million KD.

Second quarter performance

Tariq Sultan, vice president of Agility, said: “Agility continues to deliver good results amid market challenges and geopolitical conditions. This is a great example of this growth strategy.”

Material entities

The sector consists of Agility Group companies in which it controls and manages shares, and the performance of these companies is reflected in the income statement, and they collectively generated 138.4 million Kuwaiti dinars in earnings before interest and taxes. Depreciation and amortization amounted to 39.8 million Kuwaiti dinars in the second quarter of the year, an increase of 23.4% and 9.2% respectively:

Agility Logistics Parks reported that revenue for the second quarter of this year was up 2% compared to the same period in 2021. Middle East and Africa.

TriStar, an integrated logistics company for the petroleum products sector, reported a 23.8% increase in revenue in the second quarter of the year, driven by strong performance in its ocean freight segment and overall fuel transportation operations.

National Aviation Services Company (NAS) reported a revenue growth of 40.1% in the second quarter of the year compared to the same period last year.

Menzies Aviation

On August 4, Agility acquired UK-based Menzies Aviation. Menzies will merge with the National Airlines Services (NAS) operations to create a world leader in airline services operating in 58 countries. Menzies’ performance will be included in Agility’s financial statements. As of the date of completion of the acquisition, the value of the acquired company was £763 million. Menzies and Nass will be merged into one company named Menzies, and the combined Menzies Corporation will be considered as one of the active companies. under control.

United Projects for Airline Services Corporation (UPAC) has achieved a 35.7% increase in revenue in the second quarter of the year compared to the same period of the previous year, mainly due to the recovery of the gradual opening of airport and parking related services. UPAC expects a gradual increase in air traffic in 2022 and beyond, with the number of flights and passengers increasing since Kuwait International Airport eased measures related to Covid-19.

UPAC is also a co-investor in the Reem Mall project on Reem Island in Abu Dhabi. Construction of the project is nearing completion. Retail, leisure and entertainment outlets are expected to open in the mall by 2022. Major tenant Carrefour Hypermarket recently opened at Reem Mall.

For Global Clearinghouse Systems, which specializes in the digitization of customs operations, a 10.5% growth in revenue in the second quarter of 2022 compared to the same period of the previous year, due to the increase in the volume of trade and the initiatives implemented by the company to stimulate its growth, will help the company to increase its future growth and diversify its sources of income. Constantly exploring opportunities.

Department of Investment

Agility has non-controlling interests in a range of listed and unlisted companies. The book value of these investments is 1.4 billion Kuwaiti dinars. Agility’s stake in DSV is the largest of these investments. Agile invests in a group of other companies. E-technologies related to environmental, social responsibility, corporate governance and supply chain technologies in sectors such as shipping, real estate and commerce.