Agility, a supply chain services, infrastructure and innovation company based in Kuwait, has delivered solid results for FY 2024 with KD1.53 billion ($5 billion) in revenue as its operating entities continued to expand and capitalize on new opportunities.
Announcing its results for the 12-month period ended December 31, Agility said it had reported a net income of KD63 million (equivalent to 25.07 fils per share) and an ebitda of KD277 million.
The 2024 figures include the impact of the In-Kind Dividend Distribution in the form of shares in Agility Global PLC, a 51%-owned subsidiary now listed on the Abu Dhabi Securities Exchange (ADX), has led to an increase in minority interest, thus periods are not comparable, it stated.
Included in the 2024 full year results is a one-off net impact of KD43 million resulting from legal claims for and against the company.
On the robust results, Agility Vice Chairman Tarek Sultan said: "With the listing of Agility global on ADX, we sought to unlock additional value for Agility shareholders, this has also given our largest business units exposure and access to a broader international investment community."
"Agility Global, our primary subsidiary, had reported EBIT growth of 21.4%, driven by the strong performance of its three largest businesses: Menzies, Tristar, and Agility Logistics Parks (ALP)," he stated.
Menzies experienced growth in new operations across Europe and Asia, Tristar continued its positive trajectory, and ALP expanded its footprint in Saudi Arabia.
On the investment front, DSV announced its acquisition of Schenker which will make DSV the world’s largest freight forwarder and logistics provider.
In Kuwait, the businesses remain focused on executing their growth strategies and identifying opportunities to maximize value and returns for shareholders, he added.
Key developments in Kuwait included the S2/South Village. ALP Kuwait is developing S2, or South Village, a multi-purpose commercial, logistics and crafts/services zone serving Sabah Al-Ahmad City, Kuwait’s next-generation city.
Development on S2 project is progressing and is expected to deliver its first units during 2025.
Impressed with the results, the Agility’s board is recommending a cash dividend of 10%, equivalent to 10 fils per share, for FY2024. This recommendation is subject to the approval of the General Assembly.
On the future outlook, Sultan said: "We enter 2025 optimistic about the future and the opportunities to grow both globally and in Kuwait, driving value for our shareholders, employees, customers, and communities."
Agility, he stated, enjoys a healthy balance sheet with KD4.2 billion in assets.
The Kuwaiti logistics major has reported an operating cash flow of KD238 million for the full year of 2024.-TradeArabia News Service