Kuwait – Makhazen, the new operating brand of Agility Public Warehousing Company KSCP, today announced its financial results for the first quarter ended 31 March 2026.

Makhazen reported revenues of KD 36 million for the first quarter of 2026, a decrease of 5% year-on-year, primarily reflecting the handover of certain sites in Kuwait during 2025.

During the quarter, following recent court developments relating to certain leasehold land matters in Kuwait, the Board resolved to take a full provision against the associated investment property assets and related balances. This resulted in a one-off non-cash charge of KD 233 million. The company will continue to vigorously defend its position through all available legal channels.

As a result of this exceptional non-cash charge, reported EBITDA for the quarter was negative KD 216 million, while net loss attributable to shareholders reached KD 225 million.

Excluding these non-recurring items, the company’s underlying operating performance remained resilient, adjusted EBITDA was KD 16 million and adjusted net profit attributable to equity holders was KD 7 million for the quarter.

Q1 2026 Performance

During the quarter, Makhazen remained focused on strengthening its operating platform, optimizing its asset base, and advancing projects that support Kuwait’s long-term economic and development priorities.

Makhazen’s operations delivered profitable underlying performance across all core segments, reflecting continued operating discipline and the strength of its core business platform.

Business segments

South Village (S2) construction is progressing well, S2 is a logistics and commercial development serving Sabah Al-Ahmed City, one of Kuwait's largest planned urban developments.

The Metal & Recycling Company contract awarded by KNPC and KIPIC is progressing on track.

Global Clearinghouse Systems continues to deliver solid operational performance supported by network optimization and expansion of service offerings.

As of 31 March 2026, Makhazen held a 25% strategic stake in Agility Global, which continues to achieve strong performance across its portfolio companies. For Q1 2026, Agility Global reported EBIT stood at $103 million, EBITDA reached $185 million and revenue of $1.4 billion. Total assets stood at $13.2 billion and Shareholders’ equity at $5.6 billion.

Chairman’s Statement

Faisal Jamil Sultan, Chairman of Makhazen:

" The first quarter of 2026 reflects a resilient underlying operating performance. Reported results were significantly affected by a one-off non-cash provision taken following recent court developments relating to certain legacy leasehold land matters. Our core business remains profitable and operationally sound, and the company will continue to pursue its legal rights in connection with these matters.

As we move forward under the Makhazen brand, our focus remains on strengthening the business, optimizing our asset base, and positioning the company for sustainable long-term growth. With a strong balance sheet and resilient operating platform, we remain confident in the company’s ability to create long-term value for shareholders.”

Financial Summary (Continuing Operations - Adjusted for Non-Recurring Items)

Variance (%)

Q1 2025

Q1 2026

Million Kuwaiti Dinar

-5%

37.8

35.9

Revenue

+2%

16.0

16.3

EBITDA

-20%

9.1

7.3

Net Profit

 

 

 

 

 

 

 

About Makhazen

Makhazen, the new brand for Agility Public Warehousing Company KSCP, provides infrastructure that powers Kuwait’s economic and trade ambitions. Makhazen develops and operates strategic infrastructure and solutions that accelerate growth, drive trade, and secure Kuwait’s place on the global stage. Our businesses span industrial real estate, customs digitization, and waste management and recycling and are focused on supporting Kuwait’s national economic priorities. Makhazen owns a 25% stake in Agility Global, a multi-business owner and operator and investor. Makhazen is publicly listed in Kuwait and Dubai.

For more information about Makhazen, visit:
Website: www.makhazen.com
X: x.com/makhazenkw
Instagram: instagram.com/makhazenkw
LinkedIn: linkedin.com/company/makhazenkw/
Facebook: facebook.com/makhazenkw/