Agility Reports $222 Million Net Profit for Full Year 2022
Agility has reported full-year 2022 earnings of $222 million, or 87 cents per share, an increase of 180.7% over the same period in 2021, excluding results from its Global Integrated Logistics (GIL) unit, which was sold in 2021.
Agility’s EBITDA increased 65.7% to $586 million and revenue grew 77.6% to $2.8 billion.
The results include: five months of performance from Menzies Aviation, acquired by Agility in 2022; four months of performance by HG Storage International, acquired by Agility’s Tristar Business in 2022.
On a like-for-like basis -- excluding Menzies and HG Storage performance, and GIL results -- Agility earnings rose 153.5% from 2021. Agility’s EBITDA increased 44.1% to $511 million, and revenue grew 21.2%.
Agility enjoys a healthy balance sheet with $10.75 billion in assets. Net debt stood at $2.63 billion as of December 31, 2022 (this excludes lease obligations).
Agility Completes $891 Million Acquisition of Menzies Aviation
Agility has announced that it has increased its credit facilities to finance its business growth plan, which includes the 2022 acquisition of John Menzies Plc. Reported operating cash flow was $325 million for the full year of 2022.
Agility Vice Chairman Tarek Sultan said: “Agility had a strong 2022, marked by two major acquisitions that are reshaping the company and creating new opportunities.
"But like all businesses, we face global economic uncertainty in 2023, as well as uncertainty regarding government land lease policy in Kuwait.”
"It’s important to emphasize that we take a long-term view in value creation. When it comes to our controlled businesses, Agility’s acquisition of Menzies and Tristar’s acquisition of HG Storage helped us accelerate growth, expand our geographic reach, and increase our exposure to sectors that have strong future growth potential.
"On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.
“Today, Agility is diversified geographically, operationally, and financially, which helps us reduce the dependency on one country, sector or asset. Our controlled businesses employ a workforce of 45,000 people, who operate on six continents.”
“Ultimately, we’re a different business today than we were even two years ago – and we continue to evolve, grow, and drive value for our shareholders, customers, employees, and communities we operate in.”
Read More: Hassan Allam Utilities, Agility to Build Logistics Parks in Egypt