Agility expects its performance to continue its growth this year after posting encouraging results in the first quarter. The logistics company is also still looking for possible acquisitions to expand its footprint.

The Kuwait-based firm reported that its revenue grew 22.3% to KD 132.1 million while net profit in the first quarter of 2022 reached KD 12.8 million, up 1% over the same period last year. The company also said its profits from continuing operations grew at 1,311% as EBITDA increased 71.7% to KD 34 million.

"We started the year on a good note, with our controlled businesses reporting healthy growth year over year. Despite challenging market and geopolitical conditions, we expect continued growth and performance in our operations this year," said Tarek Sultan, Agility vice chairman.

"We will continue to focus on accelerating growth in these businesses both organically and organically."

The Agility executive said its recent offer for Menzies Aviation is a good example of its "growth commitment."

"For our investment segment, DSV is our largest holding and we continue to believe in DSV’s long-term growth and in the freight forwarding sector," Sultan said. "Looking ahead, we expect to continue expanding our investment portfolio."

Last March, the boards of Agility Public Warehousing Company K.S.C.P. (Agility) and one of its fully owned subsidiaries, and the board of John Menzies PLC (Menzies) announced that they reached an agreement on the terms of a recommended cash offer by Agility to acquire 100% of the ordinary shares in Menzies.

If approved by Menzies' shareholders and regulatory authorities, the deal will create an industry powerhouse in aviation services.

Agility said as a combined company, Menzies and NAS are expected to be the largest airport services company in the world by the number of countries they operate in, second largest in terms of airports served, and third largest in revenue.

The combined revenues of Menzies and NAS were in excess of US$1.5 billion in 2021.