Faisal Sultan, Makhazen Chairman
KUWAIT CITY, Nov 16: Makhazen (the new name for Agility Public Warehousing Company KSCP), a Kuwait-based infrastructure, logistics, and industrial services company, today announced its financial results for the third quarter of 2025.
This quarter marks the first full reporting period under the company’s new brand name, and following the deconsolidation of Agility Global PLC.
Highlights:
● Stable Operating Performance of Kuwait Businesses: Makhazen’s core Kuwait-based businesses continued to perform solidly, delivering steady revenue and EBITDA.
● Investments in Kuwait: Makhazen continues to advance its Kuwait-centric investment strategy, targeting more than KD 100 million in investments through 2030. During 2025, the company has invested a total of KD 22 million to support and grow its operations in Kuwait, across strategic logistics and warehousing infrastructure, metal and waste recycling, customs digitization and operations, and more.
Important Accounting Notes:
● Deconsolidation of Agility Global: Following the distribution of in-kind dividends in July 2025, Makhazen’s ownership stake in Agility Global decreased to 25%, resulting in its reclassification as an associate. The quarter’s results are presented on a deconsolidated basis and include one-off accounting impacts associated with this transition.
● Korek Telecom Reclassification: The company reclassified its investment in Korek Telecom from “Investment in Associate” to “Claims Receivable” to reflect the updated assessment of the asset’s recoverability. The net impact of this reclassification did not result in any gain or loss.
Financial Performance
Reported Figures from continuing operations:
For the quarter ending 30 September 2025, Makhazen reported net profit of KD 137.7 million. EBITDA stood at KD 146.7 million and revenue at KD 38.7 million.
These numbers include a one-off accounting adjustment of KD 138.3 million as a result of the deconsolidation of Agility Global and reporting it as an associate. This one-off non-cash gain partially offset the one off loss booked in Q2, 2025 arising from the change in accounting treatment of Agility Global. This also resulted in assets decreasing from KD 4.2 billion to KD 1.1 billion and equity from KD 1 billion to KD 607.8 million.
For the nine-month period, Makhazen recorded revenue of KD 112.6 million, EBITDA of KD 179 million and net profit from continuing operations of KD 155.7 million over the nine-month period.
Adjusted Figures for Continuing Operations
Excluding the one-off gain recorded in Q3, underlying profitability remained strong.
For the third quarter ending 30 September 2025, Makhazen reported adjusted net profit of KD 12.7 million an increase of 207% compared to same period last year and adjusted EBITDA of KD 21.7 million an increase of 46%.
For the nine-month period, Makhazen achieved adjusted net profit of KD 30.7 million and EBITDA of KD 53.9 million representing an increase of 82% and 19% respectively.
Operational and Strategic Update: Advancing Kuwait-Focused Growth
Following its rebranding in November, Makhazen reaffirmed its mission to enable Kuwait’s economic transformation by developing strategic logistics, industrial, and commercial infrastructure.
South Village (S2) Development – Construction activities remain on schedule, with core structural works advancing and tenant engagement in progress. The project is positioned to become a key logistics and commercial hub serving Sabah Al-Ahmed City, one of Kuwait’s most important new urban developments.
MRC Metal Reclamation Facility – Project preparation is progressing well following the award from KNPC and KIPIC. The facility is designed to recover valuable metals from spent catalysts, supporting Kuwait’s industrial sustainability objectives.
GCS Expansion – Operational performance remains strong, with ongoing network optimization and service diversification.
Investments: Agility Global Business Update
As of September 30, 2025, Makhazen held a 25% stake in Agility Global. In the third quarter of 2025, Agility Global delivered strong profitability growth with stable margins, supported primarily by solid performance at Menzies and Agility Logistics Parks. Tristar remained steady despite ongoing market challenges in its maritime segment.
Agility Global reported Q3 2025 net earnings of $52 million. EBIT increased 21.1% to $126.7 million, EBITDA rose 19% to $214.7 million, and revenue grew 6.7% to $1.3 billion. The company’s balance sheet remained robust, with total assets of $12.2 billion and shareholders’ equity of $5 billion.
Faisal Sultan, Chairman of Makhazen, said:
“This quarter marks a new chapter for Makhazen as we complete our transition to becoming a focused, Kuwait-based infrastructure, logistics and industrial services company. Our core operations in Kuwait are performing resiliently, supported by disciplined execution and a growing pipeline of projects that support national economic priorities. We are confident that Makhazen’s Kuwait-centred strategy provides a strong foundation for sustainable long-term growth and value creation for our shareholders.”
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