Agility, a supply chain services, infrastructure and innovation company, today reported Q2 2024 EBIT of KD 38.6 million a 3% increase from the same period a year earlier and revenue of KD 375.4 million an increase of 14.5% from Q2 2023.
Agility’s Net profit for Q2 2024 stood at KD 6 million or 2.4 fils per share. Note this quarter’s net profit is not comparable to the previous year due to the increase in minority interest as a result of the inkind dividends distribution of the company PLC.
For the first 6 months of 2024, earnings were KD 24.7 million, or 9.89 fils per share, EBIT grew 11% to KD 84.6 million and revenue increased 9.8% to KD 711.7 million.
Financial Reporting
The in-kind dividends distribution that was announced in Q1 was effective on May 2nd, 2024, the Listing Day of the comapny PLC and accordingly the impact of this has been reflected in the company’s financials in Q2 2024, thus seeing a higher Minority interest starting this quarter.
Latest Update
“This company has demonstrated strong growth in the first half of the year as we continue to seize new opportunities in Kuwait, including a 17-year contract under which UPAC will operate the Messila Beach Site Project (Plage-2). MRC is also poised to increase its volumes with a new integrated waste recycling facility, spanning over 500,000 square meters, slated to open in Q4 2024. On the back of this news, S2 continues to lead a 30-year contract for the South Village project in Sabah Al-Ahmad City, which is the first integrated logistics and crafts zone spanning 1.28 million square meters. We are pleased with the company’s business growth and expansion in Kuwait and look forward to achieving further growth that delivers the best value to Agility’s shareholders,” said Agility Vice Chairman Tarek Sultan.
“We are seeing double-digit EBITDA growth in Menzies. Menzies has grown in the Americas, Europe, Middle East and Africa, and Asia, off the back of solid commercial growth, the launch of new operations, and new contract wins. Tristar is also seeing double-digit EBITDA growth as a result of new contracts and business expansion with existing clients, with fuel farms and maritime delivering particularly strong results. Agility Logistics Parks’ international business expansion was driven mainly by its Saudi Arabia operations, which is experiencing increased demand for warehousing space.”
Recap of Agility KSCP Q2 2024 Financial Performance
- Agility’s net profit was KD 6 million and EPS was 2.4 fils.
- Agility’s EBIT increased 3% and EBITDA increased 4.9% to KD 63.4 million.
- Agility’s revenue increased 14.5% to KD 375.4 million and net revenue increased 18.9%.
- Agility enjoys a healthy balance sheet with KD 3.8 billion in assets.
- Agility reported an operating cash flow of KD 80 million for the first half of 2024.
