Agility's acquisitions pay off in Q1/2023
Kuwait-based Agility ended Q1/2023 with earnings of KWD 15.3 million (EUR 45.7 million), an increase of 20% over the same period in 2022. Agility’s ebitda increased 78.1% to KWD 60.4 million (EUR 180.5 million) and revenue grew 142.7% to KWD 320.5 million (EUR 958 million).
According to Agility, the first quarter results reflect the growth in its controlled businesses. Two of the company’s large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time.
Agility’s aviation services with Menzies results for Q1/2023 represent an 816.5% increase in revenue relative to Q1/2022. Ground handling volumes and fuelling volumes grew, offsetting declines in cargo volumes and revenue relative to Q1/2022.
Tristar’s Q1/2023 consolidated revenue grew - combined with HG Storage International - 85.5% vs. Q1/2022. Agility’s other controlled businesses reported ebitda of KWD 23.3 million (EUR 69.6 million) and revenue of KWD 82.2 million (EUR 245.6 million) , increases of 10.5% and 17.5%, respectively, over Q1/2022. (ben)