Kuwait-based logistics firm Agility said Tuesday it posted a $40.9 million (KWD 12.6 million) net profit in the third quarter.
The figure marks a drop of 98.6% over the same period in 2021, a company statement said.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) soared 57.5% to $148.8 million (KWD 45.8 million).
Net revenue was $472.8 million (KWD 145.5 million), a year-on-year increase of 126.2%.
The Kuwait-based logistics and warehouse provider enjoys a healthy balance sheet with $10.1 billion (KWD 3.1 billion) in assets, based on its financial performance for the third quarter of 2022. For the first nine months of 2022, Agility’s earnings were $134.5 million (KWD 41.4 million), an increase of 95.8% year-on-year.
EBITDA for the nine months was $379.5 million (KWD 116.8 million), an increase of 33.5%.
Meanwhile, revenue was $925 million (KWD 284.7 million), an increase of 56.8% year-on-year. As of September 30, the net debt stood at $2.6 million (KWD 794.8 billion), excluding lease obligations. Agility has increased its credit facilities to finance its business growth plan, which includes the recent acquisition of John Menzies. Its operating cash flow was $149 million (KWD 45.9 million) for the first nine months of 2022.
