Agility Reports $50 Million Net Profit for the First Quarter of 2023

Agility, a long-term investor and operator in supply chain services, infrastructure, and innovation, has reported first quarter 2023 earnings of $50 million an increase of 20% over the same period in 2022.

Agility’s EBITDA increased 78.1% to $197 million and revenue grew 142.7% to $1.05 billion.  

On a like-for-like basis -- excluding the performance of Menzies Aviation and HG Storage International, which were acquired in August 2022 -- Agility’s EBITDA increased 30% to $ 144 million, and revenue grew 17%.

Agility Vice Chairman Tarek Sultan said: “Agility’s first quarter results reflect the healthy growth in our controlled businesses. Two of our large 2022 acquisitions – Menzies and HG Storage International – contributed to Q1 earnings for the first time.

Agility Launches Data Center Sites Across Middle East and Africa

"On the investment side, equity markets improved in Q1 which was reflected in our investments.

"That said, we continue to look beyond short-term movement in equity markets, focusing instead on the strategic value, growth and returns that these investments can deliver for our shareholders over the long term.

"Like all global businesses, we view ongoing inflation, high interest rates, currency volatility and other factors as reasons for continued caution about the near-term economic outlook. We are also closely watching the Kuwait land contracts issue.  

"Even so, we are excited by the strategic transformation that has taken place in Agility since 2021. We believe we are positioned to grow and drive value for our shareholders, customers, employees and communities as we evolve further.”

Read More: Agility Reports $222 Million Net Profit for Full Year 2022