Q2 2022

(Million KD)

Q2 2021

(Million KD)



1H 2022

(Million KD)

1H 2021

(Million KD)



Revenue 138.4 112.2 23.4% 270.5 220.2 22.9%
Net Revenue 72.0 59.0 22.1% 139.2 117.2 18.7%
EBITDA 37.0 38.6 -4.1% 71.0 58.3 21.5%
Net Profit for the year from continuing operations 16.1 15.7 2% 28.8 16.8 71.5%
Net Profit for the year from discontinued operations 0 22.8 -100% 0 34.4 -100%
Net Profit 16.1 38.6 -58.4% 28.8 51.2 -43.7%
EPS (fils) 6.35 15.27 -58.4% 11.41 20.27 -43.7%

Numbers above are rounded


KUWAIT – August 13, 2022Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, today reported first half 2022 earnings of 11.41 fils per share on a net profit of KD 28.8 million. Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5% from KD 16.8 million to KD 28.8 million. EBITDA increased 21.5% to KD 71 million, and revenue grew 22.9% to KD 270.5 million.

For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD 16.1 million. Net profits from continuing operations increased 2% from the same period last year. EBITDA was KD 37 million, a decline of 4.1%. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6%. Revenue grew 23.4% to KD 138.4 million.


Q2 2022 performance

Agility Vice Chairman Tarek Sultan said: “Agility continues to deliver good results amid challenging market and geopolitical conditions. Our owned and operated, or controlled businesses reported year-over-year growth, and we expect continued growth and performance in our operations in 2022. Our goal is to grow these businesses further. The Menzies acquisition, which we concluded earlier this month, is a good example of this growth strategy.


“When it comes to Agility’s portfolio of investments, our largest investment, DSV, continues to be impacted by market performance. That said, Agility is a strategic and long-term investor, with deep supply chain expertise in our own right. We believe in the long-term potential of freight forwarding and transportation, as well as the other sectors we have invested in.

“Agility today is a different company than it was two years ago, but what hasn’t changed is that we are looking to accelerate our growth across our portfolio by unlocking value for shareholders, customers, employees, partners, and communities.”


Agility-Controlled Businesses

Agility’s controlled businesses are those that the company controls and operates. The performance of this segment is consolidated and reported through the parent company’s profit and loss statement. For the second quarter of 2022, this segment reported revenue of KD 138.4 million and EBITDA of KD 39.8 million, increases of 23.4% and 9.2%, respectively.

Agility Logistics Parks (ALP) revenue in the second quarter of 2022 grew 2% vs. Q2 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 Middle East and Africa regions.

Tristar, a fully integrated liquid logistics company, posted a 23.8% increase in revenue in Q2 2022. This growth was driven by strong performance of Maritime sector and Turnkey Fuel business.

National Aviation Services (NAS) reported a 40.1% year-over-year revenue increase in Q2 2022. The increase reflects the broad recovery in commercial aviation as flights, passengers and cargo volumes grew in most of the countries where NAS operates. In addition, NAS created significant value from operations in some of its newer markets.

On August 4, Agility finalized its acquisition of UK-based John Menzies PLC and will combine Menzies with its National Aviation Services (NAS) business to create a world leader in aviation services, operating in 58 countries. Menzies’ financial performance will be consolidated with Agility’s group financials starting from the acquisition date. The enterprise value of the acquisition was £763 million. Menzies and NAS will be combined into a single entity that will do business under the Menzies name.  Performance of the new, combined entity will be reported within Agility’s controlled business segment.

United Projects for Aviation Services Company (UPAC) reported a 35.7% increase in Q2 2022 revenue, primarily due to a rebound in airport-related services and parking following the phased reopening of Kuwait International Airport. Flight and passenger volumes have grown since the relaxation of COVID restrictions by the government of Kuwait. 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 nearly 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, Q2 2022 revenue grew 10.5% from second quarter 2021. The increase was driven by higher trade volumes and company growth initiatives. GCS is still pursuing opportunities to increase future growth and diversify its sources of income.


Agility’s Investments

Agility holds minority stakes in a number of businesses, both listed and non-listed, with a carrying value of around KD 1.4 billion. The largest investment in this portfolio is DSV. The other investments in the portfolio span a number of sectors including: freight, real estate, e-commerce enablement, ESG and supply chain technologies.

Global equity markets remain volatile as the result of supply chain disruption, high energy prices political instability, and other challenges that affect the day-to-day valuation of Agility’s investments.


Recap of Agility Q2 2022 Financial Performance (Continuing Operations)

  • Agility’s Net Profit from continuing operations grew 2% compared with same period in 2021.
  • Agility’s EBITDA decreased 4.1% to KD 37 million. Adjusted EBITDA grew 8.6%.
  • Agility’s Revenue increased 23.4%, to KD 138.4 million and Net Revenue increased 22.1%.
  • Agility enjoys a healthy balance sheet with KD 2.5 billion in assets. Net Debt stood at KD 465.7 million as of June 30, 2022. Reported operating cash flow was KD 24.4 million for the first half of 2022.

About Agility

Agility is a global leader in supply chain services, infrastructure and innovation. It is a pioneer in emerging markets. Agility is a multi-business operator, with companies that include a logistics parks business that is one of the largest private owners of warehousing and industrial real estate in the Middle East and Africa, an aviation services company, a liquid fuel logistics business, and companies that offer customs digitization, remote infrastructure services, ecommerce enablement and digital logistics, and commercial real estate and facilities management. Agility is also an investor in innovation, sustainability and resilience, with a growing portfolio of listed and non-listed investment partners looking to reshape their respective industries across a range of sectors.

For more information about Agility, visit Agility.com
Twitter: twitter.com/agility
LinkedIn: linkedin.com/company/agility
YouTube: youtube.com/user/agilitycorp