Skip to content Skip to Search
Skip navigation

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

Kuwaiti Logistics specialist Agility’s net profit rose 39% in the first nine months of 2023 Agility
Kuwaiti Logistics specialist Agility’s net profit rose 39% in the first nine months of 2023

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.  

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.

Latest articles

It is hoped the use of AI will speed up the time-consuming process of screening patients for cancer

Mubadala-backed US startup working on AI cancer care

A US genomics startup, backed by Abu Dhabi’s sovereign wealth fund Mubadala, is working with ChatGPT creator OpenAI to improve cancer screening and treatment using artificial intelligence models. Color Health, which uses data science and machine learning for genetic testing and counselling in hereditary cancer and heart conditions, has developed an AI assistant, or “copilot”, […]

Gems operates more than 60 schools with over 130,000 students across the Middle East and North Africa

Brookfield to invest in Dubai’s Gems Education

A consortium led by Canada’s Brookfield Asset Management is to invest in Gems Education, the UAE’s private school operator. Other members of the group include Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan. Financial details were not disclosed but the investment is expected to be almost $2 […]

Two companies are dominant in the lithium industry – Chile’s SQM and US business Albemarle. In 2023, each commanded about 20 percent of global supply

Saudi Arabia targets Chile for lithium investments

Saudi Arabia’s mining minister Bandar Alkhorayef will visit Chile next month to negotiate a deal to secure lithium to support the kingdom’s ambition to expand its electric vehicle (EV) sector, a news report said. Alkhorayef will meet with his counterpart in Santiago, Reuters reported, quoting a Chilean government statement. The report said the two officials will discuss […]

Oman's tourism revenue increase was driven by a 15 percent rise in hotel guest numbers

Luxury hotel revenues in Oman rise to $242m

Oman’s luxury hotels continued to make money in April as the number of guests surged. The revenue of three- to five-star hotels rose 11 percent year on year to OMR93 million ($242 million), the state-run Oman News Agency said, quoting the National Centre for Statistics and Information data. The revenue increase was driven by a […]