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Earnings Report

Agility The Public Warehousing Company

NEUTRAL LOW Impact

1. Company Overview & Earnings Context

Agility Public Warehousing Company K.S.C.P. reported a significantly weaker Q1 2026 performance as large fair value losses on investment properties and higher expected credit loss provisions pushed the company into a substantial quarterly loss. Agility operates across warehousing, logistics, transportation, customs automation, infrastructure, and investment activities across the Middle East and Africa.

The quarter was heavily impacted by ongoing legal disputes with Kuwait’s Public Authority for Industry (PAI), which resulted in major write-downs related to leased industrial land and associated receivables.

2. Financial Performance Snapshot

  • Revenue: KD 35.93M

  • Net revenues: KD 28.52M

  • EBITDA: KD (216.37M)

  • EBIT: KD (218.49M)

  • Loss before tax: KD (221.66M)

  • Net loss after tax: KD (222.13M)

  • Total comprehensive loss: KD (237.28M)

  • Basic & diluted EPS: (88.30 fils)

Compared to Q1 2025:

  • Revenue declined from KD 37.77M to KD 35.93M

  • Net results deteriorated from KD 19.47M profit to KD 222.13M loss

  • EBITDA declined from KD 15.97M profit to KD 216.37M loss

  • EPS declined from 4.65 fils profit to 88.30 fils loss

Major exceptional impacts during Q1 2026:

  • Fair value loss on investment properties reached KD 192.64M

  • Expected credit loss provisions on receivables totaled KD 41.65M

  • Finance costs increased to KD 3.67M

3. Operational Highlights & Key Metrics

  • Total assets: KD 836.37M

  • Total equity: KD 354.96M

  • Total liabilities: KD 481.41M

  • Cash, bank balances & deposits: KD 53.51M

  • Investment properties: KD 147.87M

  • Investment in associates & joint ventures: KD 480.64M

  • Financial assets at FVOCI: KD 447.7M

Business operations highlights:

  • Rent income contributed KD 12.45M

  • Other logistics and service revenue totaled KD 23.48M

  • Middle East & Africa remained the primary operating market

  • Operating cash flow remained positive at KD 10.70M

Additional balance sheet observations:

  • Interest-bearing loans totaled KD 136.96M

  • Treasury shares represented 4.63% of issued shares

  • Non-controlling interests stood at KD 25.90M

  • Investment in Agility Global PLC remained a major associate holding

4. Key Performance Drivers

  • Major fair value losses on industrial land and warehousing assets significantly impacted profitability

  • Higher expected credit loss provisions on receivables further pressured earnings

  • Ongoing legal disputes with Kuwait’s Public Authority for Industry created uncertainty around property usage rights

  • Stable operating cash flow and associate income partially offset operational pressures

  • Financing costs and property impairments negatively affected overall financial performance

Operational observations:

  • Share of profit from associates contributed KD 810K

  • General and administrative expenses declined to KD 11.86M

  • Net cash generated from operating activities reached KD 10.70M

  • The company maintained active logistics, warehousing, and customs operations despite legal disputes

5. Outlook & Forward Guidance

  • Management continues contesting multiple legal cases related to industrial land leases in Kuwait

  • Future profitability remains highly dependent on the outcome of ongoing PAI litigation and asset recoverability assessments

  • Agility continues focusing on logistics, transportation, customs automation, and investment activities across regional markets

  • The company maintains significant exposure to associates, including Agility Global PLC

  • Management stated that the company remains a going concern despite the significant quarterly losses

The auditors issued a qualified conclusion related to the recoverability of a KD 64.49M legal claim receivable from Kuwait’s General Administration of Customs and highlighted ongoing legal uncertainties tied to multiple land lease disputes.

6. 🧾 Investor Takeaway

Agility reported a very weak Q1 2026 performance as large fair value losses on investment properties and higher receivable provisions resulted in a substantial quarterly loss. While the company maintained positive operating cash flow and strong associate investments, ongoing legal disputes and asset valuation pressures remain major risks affecting near-term financial performance.