Numbers above are rounded.

KUWAIT – March 31, 2024 – Agility, a global leader in supply chain services, infrastructure, and innovation, today reported Q4 2023 earnings of KD 26 million, or 10.2 fils per share almost in line with the same period a year earlier. Q4 EBITDA grew 21.6% to KD 77.5 million and revenue increased 2.2% to KD 343.9 million.

For full year 2023, Agility net profit was KD 83.6 million, or 32.7 fils per share, an increase of 22%. Full-year EBITDA was up 42.4% to KD 257.2 million and revenue increased 56.7% to KD 1,353 million. It is worth noting that due to the accounting treatment of our investment in DSV, only our share of DSV cash dividends gets reflected in our income statement, however, if we take into account our prorata share of DSV’s EBITDA for the year 2023 that would increase Agility’s EBITDA by approximately KD 90 million.

FY 2023 Performance

Agility Vice Chairman Tarek Sultan said: “Agility delivered on a track record of positive momentum in 2023, despite ongoing volatile markets and the challenging macro environment. Agility ended the year with a 42.4% growth in EBITDA, driven by strong performance across our operating entities.

Agility’s Investments segment benefited from a general uplift in global equity markets in the third quarter of the year. Given the materiality of this segment to our balance sheet, and in particular our DSV investment, Agility closed two funded equity collar agreements to safeguard the value of DSV stake and get access to relatively cheaper funding.

We enter 2024 optimistic about the future and the opportunities to grow both globally and in Kuwait, driving value for our shareholders, employees, customers, and communities.”

End of Year Dividends Recommendation

Agility’s board is recommending a cash dividend of 10%, equivalent to 10 fils per share for the year 2023. This recommendation is subject to the approval of the General Assembly.

‌Sultan said: “The dividends reflect our determination to deliver value to shareholders, especially after a period of volatility and uncertainty in global capital markets.” 

The Full year cash dividend is an additional dividend pursuant to the interim dividends announced on March 28, following the board of directors’ approval to issue two interim dividends:

• An interim cash dividend distribution of KD 25.5 million (US $83 million), equivalent to 10 fils per share.
• A stock or in-kind dividend distribution estimated at KD 800 million (US $2.6 billion), representing 49% of the shares owned by Agility in its subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange. Agility Global PLC is expected to discuss, on or before listing, its own dividend distribution to be paid throughout 2024.

Agility Controlled Businesses 

Agility’s controlled businesses are those the company operates and owns majority stakes in, and whose performance is consolidated and reported through Agility’s profit and loss statement. For FY2023, the consolidated EBITDA of Agility’s controlled businesses was KD 264.2 million on revenue of KD 1.4 billion, increases of 35.4% and 56.7%, respectively, over 2022.

For the FY 2023, performance of the company’s-controlled businesses is reported under three groups:

Aviation Services

Menzies Aviation reported revenue of KD 665.8 million and EBITDA of KD 97.8 million for the FY 2023, increases of 126.5% and 135.5% over the same period a year earlier. The figures include the consolidated performance of Menzies Aviation and Agility’s legacy National Aviation Services (NAS).

Globally, air travel reached 95% of 2019 levels in December 2023. Menzies expects that all major markets will recover to pre-Covid levels during 2024. Total air traffic, according to the International Air Transport Association, grew 37% in 2023.

All geographic regions served by Menzies posted year-on-year revenue growth due to increases in passenger flights. The Americas (which includes North and South America) performance benefitted from contract wins in different markets. In Europe, Menzies experienced significant growth and launched successful new operations. Menzies recently announced major contract wins in Spain (launching in H1 2024) and expects progress on other new operations in 2024. The company’s cargo business performed well in 2023. While recovery across Africa generally was slower, the Middle East and South Asia posted significant growth.

Fuel Logistics 

Tristar’s FY consolidated revenue grew 33.3% vs. FY 2022, and EBITDA increased 26.2%. This performance was driven by Tristar’s diversified portfolio of services.

Tristar ended 2023 with revenue exceeding $1 billion. This was driven by the acquisition of HG storage in 2022 in addition to the growth in the Fuel and Road Transport & Warehousing segments, underpinned by new contract wins. The Maritime segment showed continued resilience as markets remained strong throughout the year. Tristar expects to maintain its momentum in 2024.

Other Controlled Businesses 

As a group, Agility’s other controlled businesses reported EBITDA of KD 99.4 million on revenue of KD 350.2 million.

The main contributors were:

Agility Logistics Parks (ALP). ALP reported 7.7% full-year revenue growth. ALP is continuing to pursue its growth strategy by increasing and optimizing its existing land bank and developing new projects.

United Projects for Aviation Services Company (UPAC). Full-year 2023 revenue for United Projects for Aviation Services Company (UPAC) increased 2.6%. The increase was driven mainly by a rebound in airport-related services and an increase in the frequency of daily flights and travelers at Kuwait International Airport. UPAC anticipates steady growth in 2024.

UPAC is a co-investor in Abu Dhabi’s $1.3 billion Reem Mall on Reem Island. The mall officially opened to the public in February 2023. To date, 153 units are trading and almost 72% of Gross Leasable Area (GLA) is committed. UPAC expects additional openings by more tenants in 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 port operations company, Full year revenue grew 5.3% vs. the same period in 2022.

Agility’s Investments 

Agility holds non-controlling minority stakes in a number of businesses, both listed and non-listed. As of December 31, 2023, the carrying value of those stakes was roughly KD 1.5 billion. The main investment in this segment is Copenhagen-based logistics company DSV. Agility’s stake in DSV remains a strategic investment, and the company has moved to safeguard the value of its DSV holding by entering into multi-year, funded equity collar agreements with several banks. This transaction protects the value of the holding from market volatility, while also allowing Agility to have access to cheaper funding.

Recap of Agility FY 2023 Financial Performance

• Agility’s net profit was KD 83.6 million, an increase of 22.8%, and EPS was 32.7 fils.
• Agility’s EBITDA increased 42.4% to KD 257.2 million.
• Agility’s revenue increased 56.7% to KD 1,353 million and net revenue increased 72.8%.
• Agility enjoys a healthy balance sheet with KD 3.7 billion in assets. Net debt was KD 888.4 million as of December 31, 2023 (this excludes lease obligations). Reported operating cash flow was KD 221.3 million for the full year 2023, an increase of 121.2%.

Agility to distribute 49% of share capital of subsidiary, Agility Global PLC, pursuing a listing on the Abu Dhabi Securities Exchange (ADX)

• Board approves interim cash dividend distribution of KD 25.5 million (USD 83 million); equivalent to 10 fls per share.
• Agility’s Board has also approved an in-kind dividend distribution estimated at KD 800 million (USD 2.6 billion), representing shares forming 49% of the issued share capital of a subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange (ADX).
• Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market, remains the controlling shareholder in Agility Global PLC with a 51% stake.
• “This is a value-creating opportunity for shareholders and the company; crystalizing the value of assets for shareholders and giving the company access to additional capital markets to fund future growth,” said Tarek Sultan, Agility Vice Chairman.

Kuwait, March 28, 2024 – Agility Public Warehousing Company KSCP (Agility) announced that its Board of Directors has approved an interim cash dividend distribution of KD 25.5 million (USD 83 million), equivalent to 10 fls per share. Agility’s Board will meet on March 30 to discuss the full year financial results and dividends.

Shareholders approved paying dividends on an interim basis and listing shares of certain Agility assets on foreign stock exchanges at prior general assembly meetings held on May 30 and June 7, 2023.

Agility’s Board has also approved an in-kind dividend distribution estimated at KD 800 million (USD 2.6 billion), representing shares forming 49% of the issued share capital of a subsidiary, Agility Global PLC, which is pursuing a listing on the Abu Dhabi Securities Exchange (ADX).

Agility Global PLC is a wholly owned subsidiary of Agility that manages certain company operations and assets, notably Menzies Aviation, the company’s investment in Tristar Transport LLC, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

Following the distribution, Agility, a listed company on the Kuwait Stock Exchange and Dubai Financial Market, will remain the controlling shareholder in Agility Global PLC with a 51% stake. Agility will continue to consolidate accounts for Agility Global PLC even after listing.

“Over the last 25 years, Agility has grown to encompass global and regional companies that lead in their sectors. We’re proud of the value we’ve created for our 14,000 shareholders. Since the company was privatized in 1997, shareholder value has grown by a multiple of nearly 20 times. Today’s dividend distribution is an additional step in that journey. The listing of Agility Global PLC crystallizes the value of assets for shareholders and gives the company access to additional capital markets to fund future growth,” said Tarek Sultan, Agility’s Vice Chairman. “Agility continues to be a global company proudly based in Kuwait; and will continue to invest and grow locally as well as globally.”

ADX listing is expected May 2, subject to fulfilling certain regulatory requirements.

Agility’s UPAC, Shipa Delivery join Kuwait Union of Consumer Cooperative Societies and Al-Sha’ab Cooperative Society in
Maachla effort

KUWAIT — March 17, 2024 – Agility, a supply chain services, infrastructure and innovation company, delivered food baskets this week for 1,000 needy families in Kuwait, part of Maachlat Al Khair,” its annual Ramadan initiative.

Maachlat Al Khair (Food for Good) was done in partnership with Kuwait’s cooperative sector, represented by the Union of Consumer Cooperative Societies and Al-Sha’ab Cooperative Society.

To identify the families, Agility worked with the Naemati, a Kuwaiti initiative that aims to minimize and stop food wastage and provide necessities to those in need through volunteerism. Agility affiliates United Projects for Aviation Services Company (UPAC) and Shipa Delivery provided additional financial support and donated vehicles for delivering packages. Agility employees, including Chairperson Henadi Al-Saleh, helped pack and distribute the food packages. These packages, containing rice, cooking oil, flour, salt, sugar, and dates, are designed to meet the food requirements of a family throughout the month of Ramadan.

Al-Saleh said: “Supporting families in Kuwait who need it the most, especially during Ramadan, is a project close to my heart. Giving back to the communities where we work is a key part of our company values, and initiatives like Maachlat Al Khair are one of the ways we can give back. Thank you to the partner organizations that helped us reach 1,000 families.”

Nadia Akil, Chief Executive Officer of UPAC, said: “UPAC strives to have a positive impact on lives of others. We are strongly committed to giving back to Kuwait because we believe in the importance of social responsibility and understand the role our company has in supporting its local communities.”

Agility has a long tradition of support for sustainability initiatives, social causes and assistance to those in need. Agility and UPAC have run Ramadan programs since 2017, providing for hundreds of families in need in Kuwait.

KONTINUE aims to spark the entrepreneurial spirit in young people

KUWAIT – Feb. 4, 2024 – Agility, a supply chain services, infrastructure and innovation company, announced today’s its sponsorship of LOYAC’s KONTINUE youth entrepreneurship program, which aims to guide aspiring entrepreneurs by helping them conceptualize, refine, fund and monetize their ideas.

LOYAC is a non-profit organization established in Kuwait in 2002 with the goal of helping young people develop into creative leaders who are able to make a positive impact in society. This is the second year Agility has sponsored KONTINUE.

KONTINUE is an expert-led, six-week program developed in collaboration with Babson College, a U.S. institution of higher learning that specializes in entrepreneurial leadership. The KONTINUE program provides ambitious entrepreneurs and small business owners with the opportunity to learn, implement foundational entrepreneurial skills, and build the professional networks they need to start or grow a business.

“Agility has a long-standing commitment to education, capacity-building, and knowledge transfer programs that equip young people with skills they need to succeed and lead. LOYAC’s focus on  entrepreneurship echoes our own emphasis on it within Agility. We believe in KONTINUE’s power to inspire young people and transform economies, and we are committed to cultivating the same spirit and promoting it in our business and communities. KONTINUE’s success, inspirational nature, inclusivity, and alignment with our organizational values make it ideal for our support,” Agility Chairperson Henadi Al Saleh said.

Agility backs community-enabling initiatives and has partnerships in Kuwait, Saudi Arabia, Côte D’Ivoire, Ghana, India and Egypt, among other countries. In the last decade, Agility has reached more than 1 million people in need, providing funding for youth education, entrepreneurship, employment and digital training, and responding with resources in the aftermath of natural disasters and complex humanitarian emergencies.

3 February 2024, London: Menzies Aviation, the leading service partner to the world’s airports and airlines, has signed a Memorandum of Understanding (MoU) with leading logistics company, Eurus Express. Together, they will explore the opportunities to create a joint venture (JV) that will support future business growth and cultivate sustainable progress in Hainan and the wider Asia-Pacific region.

Eurus Express, a leading integrated logistics solution provider, offers highly customized supply chain solutions to their partners through a global network of 58 locations in 17 countries.

As part of this opportunity, the proposed JV would see Menzies Aviation and Eurus Express work together to provide best-in-class cargo and logistics services in China. Hainan’s free trade port status means that it is a growth priority for the JV, with both companies determined to play a key role in helping the province become an international logistics and aviation leader.

Hassan El-Houry, Executive Chairman, Menzies Aviation, said: “The signing of this MoU is further evidence of Menzies’ commitment to growth in the wider Asia-Pacific region. We are entering a new chapter for the business, and we’re immensely excited for what lies ahead. Eurus Express is one of the leading logistics companies in China, and forging new strategic partnerships like this, creates countless opportunities across a commercially important region. We look forward to working with Eurus as we explore collaborative opportunities to provide safe, secure and reliable cargo and logistics services to new and existing customers across the region.”

Philipp Joeinig, Group CEO, Menzies Aviation, said: “We are thrilled to be working with Jackie Mung, CEO of Eurus Express, and his team, whose outlook and ambition is strategically aligned with our own vision. The creation of this JV presents a valuable opportunity for us to accelerate business growth in China and beyond to deliver best in class aviation services across the region. We are looking forward to working with Eurus Express to deliver market leading, high quality aviation services in Hainan and beyond.”

Jackie Mung, CEO, Eurus Express, said: “Our vision is to empower our people, partners, and communities in Hainan to thrive, as this market transforms at breakneck speed. The future of progress relies on imagination and vision to see beyond today. By combining vast local insight and global best practices, together we can facilitate pioneering solutions for sustainable growth.”

Course trains refugees and other young jobseekers to use AI tools  

CAIRO – February 1, 2024 – Agility, a global leader in supply chain services, infrastructure and innovation, announced a partnership with Education for Employment (EFE) that will offer training in use of artificial intelligence to 3,500 young people in Egypt.

The training is intended to familiarize young men and women from underserved populations in Egypt with artificial intelligence concepts, tools and ethical considerations. It is designed to give them a competitive edge in the job market by teaching them to harness the power of transformative AI technology.

Underemployment or lack of entrepreneurial opportunities inhibit economic and social development. EFE’s skills development programs provide young people with opportunities to gain employment or start their own businesses.  These lead to greater prosperity, stability and social and economic development.

Frank Clary, Agility VP of Sustainability, said the company is supporting EFE’s free employment and job skills training so that attendees can better understand how to use AI for job searches and tasks they may need to perform in the course and scope of employment or business management.

“AI literacy is quickly becoming a priority area for recruiters. EFE and Agility are committed to making training available to young people who would otherwise not have access to it. Our shared goal is to create a future-ready workforce for Egypt and the broader Middle East because employment and entrepreneurial skills enable development, prosperity and stability,” Clary said.

Andrew Baird, EFE-Global CEO, said: “EFE targets young people from underserved populations who are unemployed and having difficulty getting jobs. This training plays an important role in bridging the gaps in formal education and development of social capital.”

EFE training participants undergo a selection process and are accepted into programs based on motivation and socio-economic background. Priority is given to those most in need. Of the 3,500 individuals taking part in the Agility-sponsored AI course in Egypt, at least half are young women. EFE’s AI curriculum includes basic concepts of AI, its applicability at work, ethical considerations, responsible use of online information, and use of AI tools in job searches.

In Egypt, Agility has also partnered with UNHCR to fund education for refugee children. Agility has been working with UNHCR since 2016. Its partnership with UNHCR in Egypt has paid for tuition, transportation, uniforms, books, stationery and devices such as computers for roughly 1,800 school-age children.

Egypt currently hosts about 473,000 registered refugees and asylum-seekers from 62 nationalities, most from Syria, Sudan, South Sudan, Eritrea, Ethiopia, Yemen, Somalia and Iraq.

25 January 2024 – Menzies Aviation (“Menzies”), the leading service partner to the world’s airports and airlines, and an Agility company, today announced the acquisition of a 50% stake in Jardine Aviation Services Group (“JASG”) from Jardine Matheson – a diversified Asia-focused conglomerate. This partnership is a joint venture with China National Aviation Corporation (“CNAC”).

JASG, a leading ground handling services company, has been operating at Hong Kong International Airport since 1946, and has been a key contributor to Hong Kong’s growth as a global aviation hub.

The strategic acquisition highlights Menzies’ long-term investment in the region where it will support the rebound in Hong Kong’s aviation sector and bolster its presence in Asia.

Upon completion, Jardine Airport Services Limited will be rebranded as Menzies CNAC Aviation Services Limited, becoming part of the world’s largest aviation services company with operations at over 255 locations in more than 60 markets, on six continents. Menzies recognises the strength and experience of the JASG team and will be looking to further support staff development as the company builds its presence in Hong Kong and expands across the region.

Menzies has long-standing relationships as a trusted partner across the region. The new Joint Venture with CNAC strengthens an existing partnership between Menzies and CNAC at Macau International Airport (MFM), where it has been the ground handler of choice since 1994. It also has operations at three airports in Indonesia and, more recently, entered Malaysia.

Vivien Lau, CEO, JASG, said, “We see tremendous potential for our employees under Menzies’ stewardship. In addition to strengthening its position within the global aviation sector, the integration offers expanded career prospects and training and development opportunities for our employees.”

Hassan El Houry, Chairman – Menzies Aviation, said, “We are excited to enhance our presence in Asia as we look to capture the exciting opportunities in this fast-growing aviation market. The integration enables us to broaden our footprint in Hong Kong, the Greater Bay Area and China as we build a collaborative relationship with CNAC, fostering mutual growth and success. Together, we will provide unparalleled aviation services to our customers, ensuring our continued commitment to safety, security and excellence. We look forward to welcoming JASG employees to Menzies, their experience will be invaluable as we support the growth and expansion of Hong Kong’s aviation sector.”

The transfer of ownership has been agreed to by China National Aviation Corporation (Group) Limited, which will remain a co-owner of the business alongside Menzies. The transaction is subject to regulatory approval and is expected to be completed in the coming months.

Commit to combating climate change, cutting emissions by 2030, outlining net-zero roadmaps

Kuwait – 26 December 2023 – Agility, a supply chain services, infrastructure and innovation company, affirmed its commitment to combating climate change as a signatory to the World Economic Forum’s joint communique on achieving a net-zero future for the Middle East.

Agility is one of 14 leading companies from the Middle East and North Africa that signed the communique. The companies, members of the World Economic Forum’s Leaders for a Sustainable Middle East and North Africa initiative, pledged to: 1) Drive their organizations to net zero; 2) Deliver near-term emission reductions, 3) Enable greener growth; 4) Build awareness and capability, especially among consumers and supply chain participants; 5) Collaborate with the public sector to create an enabling ecosystem.

“Representing 7% of MENA’s current emissions, this coalition of top business leaders are going beyond pledges and are stepping up with concrete actions to reduce emissions and mobilize the ecosystem towards a net-zero future. This is not only about combating climate change, but about seizing the opportunity to drive a sustainable, inclusive and resilient future for the region,” said Borge Brende, President of the World Economic Forum.

Agility has taken a group-wide approach in its sustainability efforts. All Agility group companies pursue ESG strategies tailored to their industry contexts. Menzies Aviation and Tristar, Agility’s two largest subsidiaries, are responsible for the majority of Agility’s overall emissions and have each established net-zero goals. Menzies aims for net zero by 2045; Tristar’s target is 2050. In the short term, Menzies plans to reduce Scope 1 & 2 emissions by 50% and Scope 3 emissions by 20% by 2030, aligned to the Science Based Targets initiative (SBTi) corporate Net Zero standard. Meanwhile, Tristar has set annual operational energy consumption intensity and CO2 emissions reduction goals of 30,000 tons/year which is approximately around 35% of its total emissions under Scope 1 & 2. Tristar aims to contribute to climate actions through using zero emission fuels in 5% of its deep-sea shipping by 2030. This will be in line with achieving the IMO Initial GHG strategy objective of 40% reduction of CO2 emissions per transport work compared to 2008, by 2030. Tristar is also one of the first signatories to ‘Forward Faster’, a UN Global Compact initiative guiding companies on where they can make their biggest and fastest impact for 2030.

Agility Logistics Parks (ALP), another Agility subsidiary, is pioneering the use of sustainable materials and designs across the MENA region. ALP’s warehousing complex in Riyadh, Saudi Arabia, and the company’s warehousing complex in Cote d’Ivoire earned the first EDGE Advanced Certifications ever awarded in MENA and West Africa, respectively. This certification, an IFC-backed standard, recognizes buildings that are at least 40% more energy-efficient than the market. Agility was recently named the No. 3 sustainability leader in MENA’s Transport & Logistics sector by Forbes as part of its Middle East Sustainability 100 list.

Tarek Sultan, Agility Vice Chairman, said: “Sustainability is a central focus for Agility, and we seek collaboration with partners who share our vision. Joining WEF’s initiatives for climate change in the MENA region is a reflection of that commitment, and our on-ground sustainability efforts are a testament to our resolve. We believe collaboration like this is critical if the region is to cut emissions and reach net zero.”

The signatories,

1. Tarek Sultan, Chief Executive Officer and Vice-Chairman, Agility (Kuwait)
2. Marco Arcelli, Chief Executive Officer, ACWA Power (Saudi Arabia)
3. Majid Jafar, Chief Executive Officer, Crescent Petroleum (United Arab Emirates)
4. Hatem Dowidar, Group Chief Executive Officer, e& (United Arab Emirates)
5. Shayne Nelson, Group Chief Executive Officer, Emirates NDB (United Arab Emirates)
6. Hana Al Rostamani, Group Chief Executive Officer, First Abu Dhabi Bank (United Arab Emirates)
7. Abdulaziz Al-Helaissi, Group Chief Executive Officer, Gulf International Bank (Bahrain)
8. Mohammed Alardhi, Executive Chairman, Investcorp (Bahrain)
9. Ahmed Galal Ismail, Chief Executive Officer, Majid Al Futtaim Holding (United Arab Emirates)
10. Helmut von Struve, Chief Executive Officer, Siemens UAE & Middle East (United Arab Emirates)
11. Jasim Husain Ahmed Thabet, Group Chief Executive Officer and Managing Director, Abu Dhabi National Energy Company (TAQA) (United Arab Emirates)
12. Lina Noureddin, Managing Director and Chief Executive Officer, Lamar Holding (Bahrain)
13. Abdulrahman Al Hatmi, Group Chief Executive, Oman Global Logistics Group (ASYAD) (Oman)

Khalil Yassine, Head, Unilever Arabia (United Arab Emirates)