Kuwait’s ADX-listed logistics firm Agility Global saw its net income for equity holders dip 30% y-o-y to USD 21.4 mn in 1Q 2025, according to an earnings release (pdf). Management attributed the decline to increased depreciation from new operating leases for growth and higher interest expense following following its listing on the ADX in May — as well as greater debt usage compared to 1Q 2024. The firm posted revenue growth of around 17% y-o-y to USD 1.1 bn during the same period.

Segment breakdown:

  • Menzies Aviation saw revenue growth of 13% y-o-y to reach USD 649 mn, on the back of higher volume growth boosted by new operations in Portugal and Spain, expansion into Serbia, winter activity, and yield improvements;
  • Agility’s fuel logistics arm Tristar reported a 35% y-o-y jump in top line, reaching USD 340 mn, fueled by the new Sri Lanka retail business;
  • Agility Logistics Parks saw 8% y-o-y rise in revenues, boosted by high occupancy in Saudi Arabia.

Looking forward: “We remain cautious of external uncertainties, which may introduce volatility in certain markets. However, the diversification of our businesses, combined with a disciplined and agile strategic approach, positions us well to capture emerging opportunities and deliver sustained value for our shareholders,” Agility Global Chairman Tarek Sultan said.

ICYMI: Agility Global reported bottomline growth of 152.8% y-o-y to USD 128 mn in FY 2024, while top line growth increased 14.5% y-o-y to USD 4.5 bn.

AIR ARABIA-

UAE-based budget airline Air Arabia reported a 26.5% y-o-y jump in net income after tax to AED 305.1 mn in 1Q 2025, up from AED 241 mn in the same period last year, according to the company’s financials (pdf). Revenues rose 14% y-o-y to AED 1.8 bn, driven by increased passenger demand and network expansion, according to its earnings release (pdf). Top line growth helped the firm weather market fluctuations and seasonal challenges that affected the rest of the industry.

A switch around: Air Arabia saw its net income decline 5.1% y-o-y to AED 1.5 bn in 2024. The carrier saw its topline rise 11% y-o-y to AED 6.6 bn, which it attributed then to increased operating capacity, the launch of new routes, and continued network expansion.

What’s next? The budget carrier remains optimistic about its strategic growth in 2025 despite the continuing geopolitical turmoil and economic challenges; however, it indicated that mercurial oil prices, currency fluctuations, and upward price pressure could impact the sector’s performance.

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