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2Q earnings continue to flow in with reports from Agility Global and Salik this morning.
AGILITY GLOBAL-
ADX-listed global logistics provider and Kuwait’s Agility subsidiary Agility Global saw its net income attributable to shareholders grow 757% y-o-y to USD 43.6 mn in 2Q 2024, according to its financials (pdf). Revenues from contracts with customers increased 16% y-o-y to USD 1.1 bn. The company’s subsidiaries — including Dubai-based energy logistics provider Tristar, Menzies Aviation, and Agility Logistics Park — all experienced double digit EBITDA growth, it said in its earnings release (pdf).
On a six-month basis, its net income grew more than 2000% to USD 60.3 mn, while revenues from contracts rose 11% y-o-y to USD 2.09 bn.
ICYMI- Agility — which owns Dubai-based energy logistics firm Tristar — listed its operations and assets management unit, Agility Global, on the ADX in a technical listing in May.
The breakdown:
- Agility’s aviation subsidiary Menzies Aviation saw its topline grow 27.6% y-o-y to USD 91 mn in 2Q, as the firm boosted its volume of ground handling, cargo and fueling operations. The company benefited from its expansion, launching operations in Portugal and Spain, as well as, inaugurating cargo operations in India, says the statement.
- The outfit’s fuel subsidiary Tristar boosted its topline by 19% y-o-y to USD 63.4 mn, propelled by new contracts and business expansion with existing clients.
- Agility’s warehousing subsidiary Agility Logistics Parks saw revenue grow by 23.7% to USD 9.2 mn, which the firm attributes to its Saudi Arabia operations, which is undergoing an expansion in warehousing space demand.
SALIK-
Dubai road-toll operator Salik saw its bottomline dip 1.9% yo-y to AED 267.6 mn in 2Q 2024, according to its financial statement (pdf). The firm’s topline climbed up 3.1% y-o-y to AED 537.7 mn during the same period.
On a six-month basis: Salik recorded a 0.6% y-o-y decline in its net income to AED 544.8 mn in 1H 2024, while the company’s revenues inched up 5.6% y-o-y to AED 1.09 mn.
Behind the numbers: The toll operator attributed its decline in net income in 2Q 2024 to the recently introduced 9% corporate tax in the UAE, according to its earnings release (pdf). Revenues for the quarter inched up on the back of a 1.6% y-o-y increase in toll usage fee revenues to AED 462.7 mn, a 8.4% y-o-y growth in fine revenues to AED 57.2 mn, and a 53% y-o-y rise in tag activation revenues to AED 10 mn, contributing to 1.9% of total revenues in the quarter.
Business expansions are paying off: Salik recently added two new toll gates in Dubai — slated to be operational by November — and a no-barrier parking fee collection service at the Dubai Mall parking back in July.
About Salik: Salik — established a public joint company in 2022 — is Dubai’s leading toll gate operator and manages Dubai’s automatic toll gates using radio-frequency-identification (RFID) and automatic-number-plate-recognition (ANPR) technologies. The firm currently operates eight toll gates at strategic locations, including Sheikh Zayed Road.
