Agility bottomline boosts 323.1% y-o-y to USD 30.5 mn in 1Q 2024

Kuwaiti logistics outfit Agility saw its bottomline surge 323.1% y-o-y to USD 30.5 mn in 1Q 2024, according to a Wednesday ADX disclosure (pdf). The company also recorded a topline of USD 979.4 mn for the quarter, up 5.6% y-o-y.

Breakdown:

• Agility’s aviation unit — Menzies Aviation — saw revenues boost 14.4% y-o-y to USD 576.9 mn, on the back of boosted flight and cargo volumes due to the post-pandemic rebound in air transport. New contracts in South America and Europe, and a wider scope of operations in Iraq also contributed to better earnings.
• The outfit’s fuel subsidiary Tristar saw a 8.4% fall in revenues for the period, due to ending contracts and vessel sales.
• Agility’s warehousing subsidiary, Agility Logistics Parks (ALP), saw a 22% boost in revenues to USD 12.7 mn, on the back of greater demand for warehousing space in KSA.
• The book value of Agility’s investments stood at USD 4.2 bn in 1Q 2024, with most of that value attributed to stakes in DNV and Reem Mall.

REMEMBER- Agility received approval from the Abu Dhabi Securities Exchange (ADX) earlier this month to move forward with a technical listing of its operations and assets management unit, Agility Global, on the Abu Dhabi bourse.