Makhazen (formerly named Agility Public Warehousing Company), a Kuwait-based infrastructure, logistics, and industrial services company, reported KD147 million ($479.24 million) EBITDA from continuing operations for the third quarter (Q3) of this year.

This quarter marks the first full reporting period under the company’s new brand name, and following the deconsolidation of Agility Global.

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 KD100 million in investments through 2030. During 2025, the company has invested a total of KD22 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.

Financial Performance (reported figures from continuing operations):

For the quarter ending 30 September 2025, Makhazen reported net profit of KD137.7 million. EBITDA stood at KD146.7 million and revenue at KD38.7 million.

These numbers include a one-off accounting adjustment of KD138.3 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 KD4.2 billion to KD1.1 billion and equity from KD1 billion to KD607.8 million, the company said.

For the nine-month period, Makhazen recorded revenue of KD112.6 million, EBITDA of KD179 million and net profit from continuing operations of KD155.7 million.

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 KD12.7 million an increase of 207% compared to same period last year and adjusted EBITDA of KD21.7 million an increase of 46%.

For the nine-month period, Makhazen achieved adjusted net profit of KD30.7 million and EBITDA of KD53.9 million representing an increase of 82% and 19%, respectively.

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.

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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