Agility happy with performance despite interest rate woes


Kuwaiti logistics company, Agility, has reported second quarter earnings of 14.2 million KWD (approximately €42.3 million), down 11.7 per cent from the same period last year.

Net profit, the company said, was impacted by higher interest rate expenses, resulting from a general increase, as well as an increase in debt required to finance Agility’s acquisitions last year. It’s EBITDA, however, increased 63.4 per cent to 60.5 million KWD (approximately €180 million).

“We’re pleased with our growth and performance this quarter and we continue to see good results in our operating businesses due to organic growth and our acquisitions in 2022,” said Agility Vice Chairman, Tarek Sultan.

“Global equity markets performed better this quarter, reflecting in our investments segment. Nevertheless, we continue to take a longer-term view of our strategic investments.

“We also continue to look for opportunities to drive and unlock value for our shareholders, customers, employees and communities.”

In other news, Frasle Mobility has recorded historical results for the first half of 2023.

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