Kuwaiti logistics outfit Agility reported a 22.8% y-o-y boost in net income to KWD 83.6 mn in 2023, according to its most recent earnings release. Topline surged 56.7% during the period to KWD 1.35 bn, the statement said.

On a quarterly basis: Q4 2023 saw the company’s bottomline decline 2.3% y-o-y to KWD 26 mn, while topline bumped up 2.2% during the same period to KWD 343.9 mn.

Breakdown: Agility’s aviation unit, Menzies Aviation, saw revenues surge 126.5% y-o-y to KWD 665.8 mn in 2023, as global air travel continued to recover to pre-pandemic rates, with the subsidiary inking new contracts and expanding operations the Americas and Europe, the statement explained. Agility’s fuel logistics unit Tristar also saw revenues rally 33.3% during the same period to top KWD 1 bn, on the back of the acquisition of HG storage in 2022, coupled with expansions on the back of new contracts in the fuel, road transport, and warehousing segments.

More details: Agility's other controlled businesses achieved a revenue of KWD 350.2 mn in 2023, with Agility Logistics Parks (ALP), United Projects for Aviation Services Company (UPAC), and Global Clearinghouse Systems (GCS) all seeing gains in toplines. The year also saw the company move to close funded equity collar agreements with a number of banks, in a bid to hedge its strategic investment in Denmark-based freight forwarder DSV, the statement added.

ICYMI- Agility said it is looking to list its operations and assets management unit Agility Global on Abu Dhabi Securities Exchange in May, with the company aiming to offer up 49% of the subsidiaries share capital.

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