Kuwait’s Agility Q3 profit more than doubles to $91m 

Agility

Kuwait-based logistics specialist Agility reported third-quarter 2023 earnings of KD28 million ($90.76 million), an increase of 122 percent.

Profit was boosted by the one-off gain of closing an interest rate hedge. 

Revenue grew 40.8 percent year on year to KD360.8 million.  

• Agility targets rapid growth as it hails ‘huge potential’ of Saudi market
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• Kuwait’s Agility raises $1bn from hedging DSV stake

For the first nine months of 2023, Agility’s net profit stood at KD57.5 million, rising 39 percent year on year. Revenue grew 91.5 percent to KD1 billion.

The company holds non-controlling minority stakes in several listed and non-listed businesses. In Q3 2023, the carrying value of the stakes stood at KD1.6 billion. 

However, global equity markets were unfavourable during the quarter, negatively affecting the value of Agility’s stakes in listed companies.

“The results from our operating businesses continue to be positive. In terms of our investments segment, global equity markets paused and reversed in the third quarter of the year, and we can see that reflected in our results,” Agility vice chairman Tarek Sultan said. 

Agility takes a long-term view of its investments, he added.

Agility in April entered into multi-year, funded equity collar agreements with several banks to protect the value of its stake in global logistics provider and freight forwarder DSV. 

The agreement played an important role in protecting the value of Agility’s DSV stake in the third quarter.