Agility, a supply chain services, infrastructure and innovation company, reported Q3 2024 third-quarter (Q3) net profit of KD10.1 million ($32.5 million) or 4.04 fils per share.

 

EBIT was KD44.8 million. This represents a 33% increase from the same period a year earlier. Revenue for the same period stood at KD411 million which represents a 14% increase from Q3 2023.  

 

This quarter’s net profit is not comparable to the previous year due to the increase in minority interest as a result of the in-kind dividends distribution representing 49% of Agility Global PLC. 

 

For the first nine months of 2024, earnings were KD34.8 million, or 13.93 fils per share, EBIT grew 18% to KD129.4 million, and revenue increased 11% to KD1,122.7 million.

 

Strong results

Agility Vice Chairman Tarek Sultan said: “Agility’s performance in Q3 has continued to deliver strong results as our operating entities grow and seize new opportunities. 

 

“Agility Global, our main subsidiary, reported 36% EBIT growth, driven by the performance of its three largest businesses: Menzies, Tristar and Agility Logistics Parks (ALP). Menzies saw growth in new operations in Europe and Asia; Tristar has also shown good growth; and ALP grew in Saudi Arabia and is expanding in the Kingdom. On the investment side, DSV’s share price increased on the news of DSV’s acquisition of Schenker, resulting in an increase in the carrying value of Agility Global’s investments.” 

 

Sultan said other entities within Agility, mainly in Kuwait, are pursuing their growth strategies and looking for opportunity to deliver the best value and return for shareholders.--TradeArabia News Service