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Kuwait’sAgility saw its revenues + income grow in 3Q 2023: Kuwaiti logistics outfit Agility saw its bottomline grow 123% y-o-y increase in 3Q 2023 to KD 28 mn, according to its financial statements(pdf). Revenues grew 40.8% y-o-y to KD 360.8 mn during the quarter. On a 9M basis, revenues increased by 91.5% y-o-y to KD 1 bn, while net income rose 39% y-o-y to 57.5 mn.
Driving growth during the quarter: Agility attributes its growth both to its organic business and the acquisitions of Menzies and HG Storage, and one-off gains due to an interest rate hedge, it said in its financials.
The breakdown: Menzies Aviation saw a 66% y-o-y increase in revenues to KD 175.2 mn, while fuel logistics services provider Tristar’s revenues grew 15.3% y-o-y. Agility’s other segments — including its logistics parks subsidiary, United Projects for Aviation Services Company, and Global Clearinghouse Systems — collectively posted a 21% y-o-y increase in revenues to KD 101.2 mn, according to its earnings release.
AD Ports Group reported a 20% y-o-y increase in net income to AED 403 mn in 3Q2023, according to the company’s earnings release. Revenues for the period stood at AED 4.24 bn, up 189% y-o-y, underpinned by a strong performance in its maritime, ports, and logistics clusters, as well as acquisitions.
The breakdown: The logistics segment saw its revenues increase more than fivefold to reach AED 852 mn, mainly on the back of ocean freight volumes increasing 5% y-o-y in 3Q 2023. The shipping and maritime cluster jumped 264% y-o-y to AED 2.44 bn due to increased vessel trading activities in the shipping segment. The economic cities and freezones cluster recorded a 20% y-o-y increase in revenues to AED 433 mn, on the back of higher utilization at Kezad higher communities, warehouse leases and utilities. The ports cluster during the period also saw revenues rise 71% y-o-y to AED 487 mn, as container volumes grew 19% y-o-y during the quarter.
What they said: “The temporary dip in net operating cashflows is related to our strategic investments and vessel trading activities and we anticipate a normalization in our leverage and a rebound in cashflows in 4Q,” Managing Director and Group CEO of AD Ports Mohamed Juma Al Shamisi said.
