Agility released its financial results for the fourth quarter of 2023, showing a net profit of 26 million Kuwaiti dinars, equivalent to 10.2 fils per share. Earnings before interest, taxes, depreciation and amortization for the fourth quarter increased by 21.6% to 77.5 million Kuwaiti dinars, and revenues also rose to 343.9 million Kuwaiti dinars, a 2.2% increase. For the full year 2023, Agility achieved a net profit of 83.6 million Kuwaiti dinars, equivalent to 32.7 fils per share, a 22% increase.
Tarek Sultan, Vice Chairman of Agility’s Board of Directors, highlighted the company’s positive momentum in 2023, driven by tangible achievements and strong performance across operating companies. Agility has signed two hedging agreements to protect its investment in the rising global stock markets.
The accounting treatment of the DSV investment reflects only Agility’s share of DSV’s cash dividends in Agility’s income statement. However, factoring in the company’s proportionate share of EBITDA for 2023 would increase earnings before interest, taxes, depreciation and amortization by approximately 90 million dinars.
Agility’s Board of Directors recommended distributing cash dividends of 10% for 2023, subject to General Assembly approval. Tariq Sultan emphasized the commitment to shareholder value amid market volatility. The recommendation follows interim profits announced earlier, including cash dividends and in-kind dividends from subsidiary Agility Global PLC. In