Agility Q1 net profit from continuing operations up 13 times

Kuwait-based Agility reported a net profit of KD 12.8 million ($41.7 million),an increase of 1 percent over the same period in 2021 including earnings from discontinued operations of Global Integrated Logistics (GIL).

Profits from continuing operation zoomed 1,311 percent, according to an official statement.

"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," the statement added.

While EBITDA increased 72 percent to KD 34 million ($110.8 million), revenue was up 22 percent to KD 132.1 million ($430.6 million).

"We started the year on a good note with our controlled businesses reporting healthy growth year over year," says Tarek Sultan, Vice Chairman, Agility. "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."

Done deal for Menzies
In March 2022, the boards of Agility and one of its fully-owned subsidiaries, and the board of John Menzies PLC (Menzies) reached an agreement on the terms of a recommended cash offer by Agility to acquire 100 percent of the ordinary shares in Menzies at £6.08/share.

"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," the statement said.

Agility controlled businesses
Agility's controlled businesses, including National Aviation Service (NAS) and Agility Logistics Parks (ALP), reported a 22 percent increase in revenue to KD 132.1 million ($430.6 million) and EBITDA of KD 36.6 million ($119.3 million), an increase of 31 percent.