#Kuwait Agility's Q3 net profit more than doubles to $91mln

Kuwait Agility's Q3 net profit more than doubles to $91mln

Kuwait-based global logistics and supply chain services provider Agility has reported its Q3 2023 net profit attributable to shareholders at 28 million Kuwait dinars ($91million), more than double the KWD 12.6 million in the year-ago period.

The profit for the period was favourably affected by a one-off gain as a result of closing an interest rate hedge, the company, listed both on the Dubai Financial Market and the Boursa Kuwait, said in a statement on Wednesday.

Net revenue for Q3 was KWD 212.8 million, 46% higher on year.

For the first nine months of 2023, Agility’s net profit was KWD 57.5 million, an increase of 39%. Revenue grew 92% versus the same period in 2022.

Agility Vice Chairman Tarek Sultan said: “The results from our operating businesses continue to be positive, and a testament to the global growth strategy pursued by the company. As always, we will look for opportunities to drive returns and unlock value for shareholders. In terms of our investments segment, global equity markets paused and reversed in the third quarter of the year, and we can see that reflected in our results. Agility takes a long-term view of its investments.”