Earnings per share for the past year amounted to 26.83 fils
The financial results of the Kuwaiti “Agility” company showed a decrease in net profits by 93% to 68 million dinars ($ 222.1 million), compared to 977.4 million dinars ($ 3.19 billion) in 2021.
The company stated in a statement that the earnings per share in the past year amounted to 26.83 fils, an increase of 180.7% compared to the same period in the year 2021, after excluding the results of the integrated global logistics services activity that was sold during the year 2021.
EBITDA increased during the year by 65.7% to reach KD 180.5 million, and revenues increased to KD 863.4 million, an increase of 77.6%.
The results include five months of results for Menzies Aviation Services, which was acquired by Agility in 2022, and four months of results for HG Storage, which was acquired by Tristar.
As for the fourth quarter of 2022, Agility’s profits amounted to 26.6 million dinars ($87 million), an increase of 4218%, and EBITDA increased by 196.7% to reach 63.8 million Kuwaiti dinars, and revenues increased to 336.5 million dinars, an increase of 137.8%.
As a result of the uncertainty caused by government policy with regard to land use and the role of the private sector in the economy, the Board of Directors has recommended no dividends for the year 2022. This recommendation is subject to the approval of the General Assembly of the Company’s shareholders.
The Board of Directors will closely monitor events and evaluate developments related to government policy, and accordingly will assess the feasibility of distributing interim quarterly dividends during the 2023 fiscal year.
And “Agility” works in the field of equipping, establishing, managing and renting warehouses and exploiting the financial surpluses available to it and investing them in financial portfolios.
