Agility grows through acquisitions
Kuwait-based Agility had a strong 2022, which was marked by two major acquisitions. The group reported full-year 2022 earnings of KWD 68 million (EUR 205 million), an increase of 180.7% over the same period in 2021, excluding results from its global integrated logistics unit, which was sold in 2021.
Agility’s ebitda increased 65.7% to KWD 180.5 million (EUR 532.7 million) and revenue grew 77.6% to KWD 863.4 million (EUR 2,596 million). The results include five months of performance from Menzies Aviation, acquired by Agility in 2022 and four months of performance from HG Storage International, taken over by Agility’s Tristar Business in the same year.
The Menzies acquisition has given Agility the ability to leverage this business for future growth, the company said. In aviation services, Agility reported in 2022 an ebidta of KWD 41.5 million (EUR 124.5 million) and revenue of KWD 294 million (EUR 881 million).
Fuel logistics company Tristar revenue for 2022 grew by 60.1% to KWD 252.9 million (EUR 758.4 million); ebidta increased by 39% to KWD 53.1 million (EUR 159.2 million) compared with 2021. Tristar’s Maritime and Fuel Farms segments delivered the highest growth. The other controlled businesses reported for the full year of 2022 ebidta of KDW 100.4 million (EUR 301 million) and revenue of KDW 316.6 million (EUR 949 million), increases of 42.3% and 14.4% respectively, over 2021. (ben)