{"id":70797,"date":"2023-05-16T00:00:00","date_gmt":"2023-05-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/16\/agility-posts-bottomline-growth-on-the-back-of-new-revenue-streams\/"},"modified":"2023-05-16T00:00:00","modified_gmt":"2023-05-16T00:00:00","slug":"agility-posts-bottomline-growth-on-the-back-of-new-revenue-streams","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/05\/16\/agility-posts-bottomline-growth-on-the-back-of-new-revenue-streams\/","title":{"rendered":"Agility posts bottomline growth on the back of new revenue streams"},"content":{"rendered":"

<\/span>Kuwaiti logistics outfit <\/span>Agility<\/a><\/span> saw its bottomline grow 20% y-o-y to KD 15.3 mn in 1Q <\/span>2023<\/span>, according to its <\/span>financials (pdf)<\/a><\/span>. The company\u2019s 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 <\/span>earnings release<\/a><\/span>. <\/span>Menzies Aviation<\/a><\/span> and HG Storage International \u2014 both acquired in August 2022 \u2014 contributed to earnings for the first time in 1Q 2023. <\/span><\/p>\n

Breakdown:<\/span> Agility\u2019s 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 \u201cunderlying recovery\u201d 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 \u2014 including its logistics park division \u2014 saw revenues grow 17.5% y-o-y to KD 82.2 mn.<\/span><\/p>\n

\u201cBooming\u201d maritime sector growth also boosted revenues:<\/span> Agility\u2019s fuel subsidiary \u2014 Tristar \u2014 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. <\/span><\/p>\n

Looking ahead:<\/span> 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. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The company benefited from \u201cbooming\u201d maritime sector growth and new acquisitions<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[174,17,25],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-70797","post","type-post","status-publish","format-standard","hentry","category-earnings-watch","tag-earnings-watch","tag-enterprise-logistics","tag-logistics","wpautop","entry"],"acf":{"mongo_id":"b2bfe8e8-edca-4aab-ab21-020b384326e9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/769.jpg,https:\/\/www.agility.com\/en\/media-center\/#multimedia","photo_position":"above","homepage_title":"","full_issue_title":"Agility posts bottomline growth on the back of new revenue streams","related_issue":[70786],"teaser":"The company benefited from \u201cbooming\u201d maritime sector growth and new acquisitions","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/5\/.130bab61-a68e-4bee-b1bc-d8c98abe23bd.mp3"},"yoast_head":"\nAgility posts bottomline growth on the back of new revenue streams - 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