Kuwait-based Agility, one of the largest logistics companies in the Mena region, reported a 58 per cent annual decline in second-quarter profit due to the impact of discontinued operations.
Net profit attributable to equity holders of the parent company for three months to the end of June fell to 16 million Kuwaiti dinars ($52.25m), from 38.5m dinars during the same period last year, the company said in a statement on Friday to the Dubai Financial Market, where its shares are traded.
“The decrease in net profit is mainly due to the inclusion of the results of discontinued operations in the comparative period,” it said.
The earnings of Agility's Global Integrated Logistics (GIL) unit, which was sold in August 2021, were included in its financials up to the current period.
Profit from continued operations increased by 2 per cent for the second quarter, Agility said.
Last year, the company sold its core logistics business, GIL, to Danish company DSV Panalpina, which is the world’s third-largest freight and logistics provider, in exchange for 19.3 million shares in DSV.
Agility reported a one-time gain of about 1 billion dinars and is now the second-largest shareholder in DSV with an 8 per cent stake.
Net revenue during the three-month period rose 22 per cent to 72m dinars even despite rising cost pressure.
General and administrative expenses for the period climbed 12 per cent to 13.2m dinars and finance costs jumped 23 per cent to 5.8m dinars.
Cost of revenue for the quarter also rose to 66.4m dinars, from 53.1m dinars, during the same period last year.
The company’s first-half profit fell close to 44 per cent to 28.8m dinars while net revenue rose by about 19 per cent to 139m dinars during the period.
Agility’s total assets rose by about 5 per cent annually to 2.47 billion dinars, while its liabilities dropped close to 17 per cent to 952.2m dinars at the end of June, the company said.
Earlier this week, Agility signed a new credit facility of €1.4bn ($1.42bn) to fund the acquisition of UK-based aviation company John Menzies and other growth plans.
On August 4, Agility finalised its £763m ($921.5m) acquisition of John Menzies in a deal that creates the world's biggest aviation services provider.
Agility will merge its subsidiary, National Aviation Services, with John Menzies, to create Menzies Aviation, which will provide air cargo services, fuel services and ground services at airports around the world.
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Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
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