Kuwait-based global logistics and warehouse provider Agility said its Q1 2024 net profit rose 22% year-on-year (YoY) to 18.7 million dinars ($61 million) driven by higher operating profit.

The company, listed on Boursa Kuwait, said revenue rose 5% to KWD 336.3 million.

Agility reported an operating cash flow of KWD 25.9 million for the quarter.

On May 2, Agility announced the listing of its subsidiary, Agility Global PLC, on the Abu Dhabi Securities Exchange (ADX). Agility owns 51% of Agility Global and has said it will consolidate the company’s accounts.

Agility Global manages certain company operations and assets including Menzies Aviation, the company’s investment in Tristar Transport, the operations of Agility Logistics Parks outside Kuwait, and the DSV investment.

(Writing by Brinda Darasha; editing by Seban Scaria)