Agility Logistics’ Revenue Reach $4.88 Billion in 2024
Kuwait-headquartered global logistics firm Agility KSCP, which was listed on Abu Dhabi Securities Exchange (ADX) last year, said that the listing has reshaped its financial performance, particularly in terms of minority interest and net profit attribution.
That said, the fundamentals of the business remain strong, and the Group’s core operation continues to perform well, the company said in a bourse disclosure on Saturday.
At its earnings call, Agility’s Chief Financial Officer Khadija Oubala said that the company has delivered solid results, with full-year revenue up 13% and EBIT growing at 6%, supported by the strong performance of Agility Global, which reported 21.4% EBIT increase, driven by strong performances across its operating entities.
Oubala said that Agility’s revenues were $4.88 billion, reflecting a 13% increase y-o-y between 2023 and 2024. This performance was primarily driven by Agility Global’s performance, which recorded $4.5 billion in revenue, a 14.5% increase over 2023.
Net revenue of Agility reached around $3.17 billion, up 19% y-o-y, and this outpaced top line growth. In terms of EBITDA, it grew by 8% to $900.57 million, primarily driven by Agility Global’s performance.
While the growth rate was more moderate compared to the revenue due to certain one-off items, it nonetheless reflects solid underlying performance across the Group, Oubala said.
The net attributable profit to equity holders was $204.82 million in 2024, compared with $273.1 million in the previous year. It does appear like a 25% decline, but as noted previously, this is largely due to the reallocation of earnings to non-controlling interest.
“Hence the total consolidated net profit remains healthy and the Group’s underlying businesses, particularly within Agility Global, continues to deliver solid results,” Oubala explained.
Moving to the balance sheet, as of 31 December 2024, Agility’s consolidated assets reached $13.65 billion, a 12% increase y-o-y and the current assets grew 30%, primarily driven by Agility’s global expansion, which resulted in higher inventory levels and an increased cash balance.
Even the non-current assets grew by 8%, supported by continual investment in core operations and valuation gain, including the appreciation of DSV share price, which is held within the Agility Global investment portfolio.
In terms of liabilities, Agility recorded a 16% y-o-y increase, evenly split between current and non-current liabilities. This growth is largely attributable to the expansion of Agility Global’s operating entity, which continued to scale through organic growth as well as acquisition initiatives.
Minority Interest
The most significant shift has been the minority interest, which rose from $403.14 million in 2023 to around $3.34 billion in 2024. This change was driven by the rise in contributions by Agility Global.
“if you look at the equity attributable to the parent company, it has decreased by 43% to over $3.25 billion, which reflects this reallocation. So, a portion of shareholders’ value transitioned from being reflected on the KSCP level in the balance sheet to being held directly by the shareholders through their ownership in Agility Global,” Oubala said.
Coming to cash flow and cash deployments of the year, starting with cash from operating profit before changes in working capital, the company has generated $809.54 million, an increase of 8% as against in 2023 which is consistent with its EBITDA performance.
In terms of working capital changes, Agility saw $45.52 million positive impact, up slightly versus last year, which stood at $42.27 million, which reflects stable working capital management. The accounting for some other non-operating cash flow items, including taxes, the total cash from operating activities stood at $773.78 million, a 7% increase versus last year.
In terms of investment activities, there has been an outflow was $234.08 million compared with $354.38 million in 2023, a reduction of 33%. However, it’s important to note that this figure represents the net amount, combining both cash outflows and inflows, Oubala said.
