Agility, a supply chain services, infrastructure and innovation company, has posted a first-half net profit of KD24.7 million ($81 million) and second-quarter net of KD6 million ($19.6 million).

 

The company reported Q2 2024 EBIT of KD38.6 million a 3% increase from the same period a year earlier and revenue of KD375.4 million an increase of 14.5% from Q2 2023.  

 

This quarter’s net profit is not comparable to the previous year due to the increase in minority interest as a result of the inkind dividends distribution of Agility Global. 

 

For H1 EBIT grew 11% to KD84.6 million and revenue increased 9.8% to KD711.7 million.

 

Financial reporting   

The in-kind dividends distribution that was announced in Q1 was effective on May 2nd, 2024, the Listing Day of Agility Global PLC and accordingly the impact of this has been reflected in the company’s financials in Q2 2024, thus seeing a higher Minority interest starting this quarter.

 

"Agility has demonstrated strong growth in the first half of the year as we continue to seize new opportunities in Kuwait, including a 17-year contract under which UPAC will operate the Messila Beach Site Project (Plage-2). MRC is also poised to increase its volumes with a new integrated waste recycling facility, spanning over 500,000 square metres, slated to open in Q4 2024. 

 

“On the back of this news, S2 continues to lead a 30-year contract for the South Village project in Sabah Al-Ahmad City, which is the first integrated logistics and crafts zone spanning 1.28 million square metres. We are pleased with the company's business growth and expansion in Kuwait and look forward to achieving further growth that delivers the best value to Agility’s shareholders,” said Agility Vice Chairman Tarek Sultan.

 

Growth of Menzies

“We are seeing double-digit EBITDA growth in Menzies. Menzies has grown in the Americas, Europe, Middle East and Africa, and Asia, off the back of solid commercial growth, the launch of new operations, and new contract wins. Tristar is also seeing double-digit EBITDA growth as a result of new contracts and business expansion with existing clients, with fuel farms and maritime delivering particularly strong results. Agility Logistics Parks’ international business expansion was driven mainly by its Saudi Arabia operations, which is experiencing increased demand for warehousing space.”--TradeArabia News Service