Dear Investor,

Q1 2022

(Million KD)

Q1 2021

(Million KD)



Revenue 132.1 108.0 22.3%
Net Revenue 67.1 58.2 15.3%
EBITDA 34.0 19.7 71.7%
Profit for the year from continuing operations 12.8 0.9 1,311%
Profit after tax for the year from discontinued operations —-


Net Profit 12.8 12.6 1.0%
EPS (fils) 6.07 6.01 1.0%

Numbers above are rounded


KUWAIT – 15 May, 2022Agility, a supply chain services, infrastructure, and innovation company, today reported first quarter 2022 earnings of 6.07 fils per share on net profit of KD 12.8 million, an increase of 1% over the same period in 2021 which included earnings from discontinued operations (GIL). Profits from continuing operation grew at 1,311%. EBITDA increased 71.7% to KD 34 million, and revenue grew 22.3% to KD 132.1 million.

Company Reporting

Agility is a multi-business operator and investor. Q1 2022 earnings are the first quarterly numbers reported following completion of the sale of the company’s Global Integrated Logistics unit to DSV. Going forward, the company will be reporting for two segments: controlled businesses and investments. This new reporting structure, though still evolving, is to help understand the valuation of the company better by looking at the performance of each segment separately.

  • Controlled: Agility continues to own and operate the businesses that have historically generated 80% of company profits; these businesses are “controlled” by Agility. Included in this segment are Agility Logistics Parks, Tristar, National Aviation Services, UPAC, and Global Clearinghouse Systems. The financial performance of this segment is consolidated and reported in the company’s financial statement.
  • Investments: Agility also holds minority stakes in businesses through investments in both established sectors and new ventures in freight, real estate, e-commerce enablement, ESG technology and other digital technologies. Agility’s 8% stake in DSV represents the largest of these investments. The segment also includes the company’s investment in NREC, GWC, Reem Mall, and technology companies such as SWVL, Hyllion and others. This segment’s performance is reflected in the income statement through share of earnings, share price movements of some investments, dividends and exits, while the main impact will be through the balance sheet.

Q1 2022 performance

Agility Vice Chairman Tarek Sultan said: “We started the year on a good note, with our controlled businesses reporting healthy growth year over year. Despite challenging market and geopolitical conditions, we expect continued growth and performance in our operations this year.

We will continue to focus on accelerating growth in these businesses both organically and inorganically. Our recent offer for Menzies Aviation is a good example of our growth commitment. For our investment segment, DSV is our largest holding and we continue to believe in DSV’s long-term growth and in the freight forwarding sector.”

“Looking ahead, we expect to continue expanding our investment portfolio. We believe we can create value for our shareholders by investing in companies in high-growth sectors with strong fundamentals, strong, proven management teams, best-practices governance, and alignment with our vision and values.”


In March 2022, the boards of Agility Public Warehousing Company K.S.C.P. (Agility) and one of its fully owned subsidiaries, and the board of John Menzies PLC (Menzies) announced that they reached agreement on the terms of a recommended cash offer by Agility to acquire 100% of the ordinary shares in Menzies. If approved by Menzies’ shareholders and regulatory authorities, the deal will create an industry powerhouse in aviation services. As a combined company, Menzies and NAS are expected to be the largest airport services company in the world by the number of countries they operate in, second largest in terms of airports served, and third largest in revenue. The combined revenues of Menzies and NAS were in excess of $1.5 billion in 2021. The combined company is expected to have approximately 35,000 employees with a presence at more than 250 airports in 57 countries, handling more than 600,000 aircraft turns per year.

Agility Controlled Businesses

Agility’s controlled businesses are the group of businesses that the company control and operate. The performance of this segment is consolidated and reported through the profit and loss statement. For the first quarter of 2022, this segment reported revenue of KD 132.1 million and EBITDA of KD 36.6 million, increase of 22.3% and 31% respectively.

Agility Logistics Parks (ALP) revenue in the first quarter of 2022 grew 7.6% compared with Q1 2021. To meet the increasing demand for warehousing space, ALP is optimizing its existing land bank and looking to acquire additional land for development, especially in the MEA.

Tristar, a fully integrated liquid logistics company, posted a 29% increase in revenue for first quarter 2022. Its performance was driven by strong recovery in international oil prices, good performance in the Road and Transport segments, and favorable dry bulk charter rates in the Maritime segment.

National Aviation Services (NAS) reported 37.4% revenue Q1 growth year-over-year. The increase reflects the broad recovery in commercial aviation as flights, passengers and cargo volumes grew in Kuwait, India and across Africa. Secondly, NAS has created significant value from operations in some of its newer markets, including Baghdad, Kenya and South Africa.

United Projects for Aviation Services Company (UPAC) reported a 37.3% increase in revenue for the first quarter of 2022. The increase was driven by a rebound in airport-related services and parking following the phased reopening of Kuwait International Airport and relaxation of quarantine and PCR requirements, which increased the frequency of daily flights and travellers. UPAC anticipates a gradual increase in airport traffic in 2022 and beyond.

UPAC is a co-investor in Abu Dhabi’s Reem Mall, on Reem Island. Construction is almost complete. The retail, entertainment, and leisure attraction is expected to open in 2022.  Carrefour, the anchor tenant, recently opened its doors at Reem Mall.

At Global Clearinghouse Systems (GCS), Agility’s customs-modernization company, Q1 2022 revenue grew 6.1% from first quarter 2021. The increase was driven by higher trade volumes and company growth initiatives. GCS is pursuing opportunities to increase future growth and diversify its sources of income.

Agility’s Investments

Agility’s holds minority stakes in a number of businesses both listed and non-listed with a carrying value of around KD 1.6 billion. The largest investment in this portfolio is DSV, which is listed on the NASDAQ Copenhagen. The other investments in the portfolio span a number of sectors including: freight, real estate, e-commerce enablement, ESG and supply chain technologies.

Current events in Ukraine, rising oil and gas prices, and ongoing supply chain disruption have prompted volatility in global equities markets and the valuation of some of Agility’s investments.

Recap of Agility Q1 2022 Financial Performance

  • Agility’s Net Profit increased 1% to KD 12.8 million from KD 12.6 million a year earlier.
  • Agility’s Net Profit from continuing operations grew at 1,311% compared to same period last year.
  • Agility’s EBITDA increased 71.7% to KD 34 million.
  • Agility’s Revenue increased 22.3%, to KD 132.1 million and Net Revenue increased by 15.3%.
  • Agility enjoys a healthy balance sheet with KD 2.8 billion in assets. Net Debt stood at KD 385.2 million as of March 31, 2022. Reported operating cash flow was KD 22.7 million for the first quarter 2022.


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Best regards,
Investor Relations Team