Kuwaiti logistics outfit Agility saw its bottomline grow 20% y-o-y to KD 15.3 mn in 1Q 2023, according to its financials (pdf). The company’s revenues also soared 142.7% y-o-y to KD 320.5 mn during the quarter. New revenue streams from recently acquired subsidiaries were the main drivers for improved performance, according to the earnings release. Menzies Aviation and HG Storage International — both acquired in August 2022 — contributed to earnings for the first time in 1Q 2023.

Breakdown: Agility’s aviation subdivision saw revenues soar 816.5% y-o-y to KD 154.4 mn during the quarter on the back of the gains realized from consolidating Menzies Aviation with legacy aviation subsidiary National Aviation Services (NAS). Aviation volumes in the first quarter of 2023 exhibited widespread “underlying recovery” from last year, while growth in handling and fueling volumes outpaced declines in cargo volumes and revenues relative to the same period last year. Other subsidiaries — including its logistics park division — saw revenues grow 17.5% y-o-y to KD 82.2 mn.

“Booming” maritime sector growth also boosted revenues: Agility’s fuel subsidiary — Tristar — saw topline growth of 85.5% y-o-y in 1Q 2023, driven by new acquisitions, renewal of UN peacekeeping contracts, and booming orders in the maritime sector.

Looking ahead: Persistent inflation, high interest rates, FX volatility, and other causes were cited as reasons to remain cautious in the short term while noting that these concerns were global in scope. Complications vis-a-vis land contracts in Kuwait were also mentioned as reasons to remain vigilant, according to the release.

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