Agility Reports KD 60.5 Million EBITDA a 63.4% growth for the Second Quarter 2023


Q2 2023

(Million KD)

Q2 2022

(Million KD)



1H 2023

(Million KD)

1H 2022

(Million KD)



Revenue 327.8 138.4 136.8% 648.4 270.5 139.7%
Net Revenue 199.8 72.0 177.3% 386.9 139.2 177.9%
EBITDA 60.5 37.0 63.4% 120.9 70.9 70.4%
Net Profit 14.2 16.1 -11.7% 29.4 28.8 2.3%
EPS (fils) 5.55 6.35 -12.6% 11.55 11.41 1.2%

Numbers above are rounded

KUWAIT – August 14th, 2023 – Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, today reported second quarter 2023 earnings of KD 14.2 million, or 5.55 fils per share, a decrease of 11.7% over the same period in 2022. Net profit this quarter was impacted by higher interest rate expenses resulting from a general increase in interest rates in addition to an increase in debt required to finance the company’s acquisitions last year. Agility’s EBITDA increased 63.4% to KD 60.5 million and revenue grew 136.8% to KD 327.8 million.

On a like-for-like basis — excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 — Agility’s EBITDA increased by 9.5% to KD 41.5 million, and revenue grew 8.9% in the second quarter of 2023.

For the first six months of 2023, Agility’s net profit stood at KD 29.4 million, an increase of 2.3%, EBITDA increased by 70.4%, and revenues increased by 139.7% compared to the same period last year.

Q2 2023 Performance

Agility Vice Chairman Tarek Sultan said: “We’re pleased with our growth and performance this quarter. We continue to see good results in our operating businesses due to organic growth and our acquisitions in 2022. Global equity markets performed better this quarter, reflecting in our investments segment. Nevertheless, we continue to take a longer-term view of our strategic investments. We also continue to look for opportunities to drive and unlock value for our shareholders, customers, employees and communities.”

Agility Controlled Businesses 

Agility’s controlled businesses are the businesses the company controls and operates and whose performance is consolidated and reported through Agility’s profit and loss statement. In Q2, the combined EBITDA of our controlled businesses was KD 61.2 million on revenue of KD 327.8 million, increases of 54% and 136.8%, respectively, over Q2 2022.

Performance of the company’s controlled businesses is reported under three groups:

Aviation Services

Menzies Aviation’s revenue was KD 162.2 million and EBITDA KD 21.9 million in Q2 2023, an increase of 861.8% and 367.2% over the same period last year when Agility was reporting solely on NAS’s results. These Q2, 2023 results include the results of Menzies Aviation that was acquired in Q3 of 2022 in addition to those of the legacy National Aviation Services (NAS) business, now combined under “Menzies Aviation”.  The combined entity’s EBITDA margin is 13.5% today.

Menzies Aviation results have strengthened with the post-pandemic aviation industry recovery, which has included growth in flight volumes. Volumes in most geographies have fully recovered, except for East Asia, where lockdown restrictions were strictest, and volumes are now slowly growing. Menzies has a number of new operations that it has launched or acquired: Jamaica, Panama, Atlanta, Milan, Montreal and others.

The integration of NAS with Menzies is now complete and the synergies, both operational and financial, are being realized.

Fuel Logistics 

Tristar’s Q2 consolidated revenue grew 76.2% vs. Q2 a year earlier and EBITDA increased 33.5%. This growth is driven mainly by the momentum of our Maritime and Fuel Farms segments. Tristar’s addition of HG Storage International also contributed to this growth. The results of this quarter reflect Tristar’s continued operational improvement and demonstrate the effectiveness of their diversified portfolio.

Other Controlled Businesses 

As a group, Agility’s other controlled businesses reported EBITDA of KD 23 million and revenue of KD 82.1 million, increases of 1% and 9%, respectively, over Q2 2022.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 7.8% second-quarter revenue growth. ALP Kuwait performed well but still faces a challenge to future operations at certain facilities situated on land leased from the Kuwaiti government. Elsewhere, ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank, developing new projects, and looking to acquire additional land, especially in the Middle East and Africa.

United Projects for Aviation Services Company (UPAC) reported a 1.2% increase in revenue for Q2. The increase was primarily attributable to a rebound in airport services and parking and the beginning of the summer holiday season for travel.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public on Feb. 16, 2023, with more than 110 units currently trading; and almost 50% of GLA committed. UPAC expects a gradual opening by more tenants over the coming months. The mall is the region’s first, fully integrated omnichannel retail ecosystem with digital, e-commerce, and logistics capabilities. It brings together all consumer and retail services to ensure a seamless customer experience.

Global Clearinghouse Systems (GCS).  At GCS, Agility’s customs-modernization and ports operation company, second-quarter revenue grew 6.3% vs. the same period in 2022. GCS is focused on delivering optimal efficiency and services to its customers.

Agility’s Investments 

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. In Q2, the carrying value of those stakes was roughly KD 1.7 billion. Agility has seen an improvement in global equity markets, positively impacting our investment value.

Agility has entered into multi-year, funded equity collar agreements with several banks to protect the value of the DSV investment which is the biggest investment in this segment.

Recap of Agility Q2 2023 Financial Performance

  • Agility’s net profit stood at KD 14.2 million and EPS was 5.55 fils.
  • Agility’s EBITDA increased 63.4% to KD 60.5 million.
  • Agility’s revenue increased 136.8% to KD 327.8 million and net revenue increased 177.3%.
  • Agility enjoys a healthy balance sheet with KD 3.7 billion in assets. Net debt stood at KD 881.5 million as of June 30, 2023 (this excludes lease obligations). Reported operating cash flow was KD 89.7 million for the six months of 2023, an increase of 268.2%.

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About Agility

Agility is a global leader in supply chain services, infrastructure, and innovation with 45,000+ employees across six continents. A multi-business operator and investor, Agility specializes in growing and scaling operating businesses. Agility’s companies include the world’s largest aviation services company (Menzies Aviation); a global fuel logistics business (Tristar); a leading logistics parks developer and operator across the Middle East, South Asia, and Africa (Agility Logistics Parks); and a commercial real-estate company developing a mega-mall in the UAE (UPAC). Other Agility companies offer customs digitization services, remote-site infrastructure services, defense and government services, ecommerce-enablement and digital logistics. Agility invests in supply chain innovation, sustainability, and resilience, and has minority holdings in a growing portfolio of listed and non-listed companies.