Friday 3 February 2023

Agility Q3 earnings up 48.3% to $40.9m

KUWAIT, November 15, 2022

Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported third-quarter earnings of KD12.6 million ($40.94 million), or 4.95 fils per share, an increase of 48.3% over the same period in 2021 excluding the earnings reported last year from GIL. 
Agility’s EBITDA increased 57.5% to KD45.8 million and revenue was KD256.3 million, an increase of 105.9%. 
The Q3 numbers include two months of results from Menzies Aviation, which was acquired by Agility during the quarter. On a like-for-like basis, excluding Menzies numbers, earnings stood at KD10.8 million, an increase of 27.7% over the same period in 2021, again excluding the earnings reported last year from the sale of GIL. Agility’s EBITDA increased 21% to KD35.2 million and revenue was KD166.8 million, an increase of 32.2%. 
For continuing operations, Agility’s earnings through nine months of 2022 were KD41.4 million, or 16.36 fils per share, an increase of 63.7%. EBITDA for the nine months was KD116.8 million, an increase of 33.5%; revenue was KD526.8 million, an increase of 52.9%.
Q3 2022 performance
Agility Vice Chairman Tarek Sultan said: “Agility reported good results in this quarter despite challenging market and geopolitical conditions. Our controlled businesses continued to perform well and execute their growth strategies. Our investment segment was impacted by the broader stock market performance. However, Agility is a strategic investor. We look beyond the movement in the daily share price as we take a strategic long-term view of these businesses, and we have conviction that they will deliver value, growth and returns for our shareholders over the long term.”
Sultan said “Agility’s acquisition of UK-based aviation-services provider John Menzies PLC, completed in Q3, is part of Agility’s strategy to add and grow core businesses with the potential for strong returns. By combining our National Aviation Services (NAS) business with Menzies, we’ve created a global industry leader with a footprint in developed and developing aviation markets around the world.”
“Agility is a different company today than it was two years ago, but we continue looking to accelerate growth across our portfolio by unlocking value for shareholders, customers, employees, partners and communities,” Sultan said. “Agility will continue to create long-term value by operating and investing in growing sectors and geographies.”  -TradeArabia News Service


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