Makhazen Reports FY 2025 Results

Solid Performance as Company Completes Strategic Transformation

Kuwait – 24 March 2026 – Makhazen, the new operating brand of Agility Public Warehousing Company KSCP, today announced its financial results for the year ended 31 December 2025.

For FY 2025, Makhazen reported net profit from continuing operations of KD 49.3 million, or 19.31 fils per share, an increase of 13.1% compared to the same period last year. EBITDA increased 37.8% to KD 83.1 million and EBIT increased 42.9% to KD 74.9 million, while revenue stood at KD 151.5 million, these results reflect solid performance across the Group’s operating businesses. 

As of December 31, 2025, Makhazen total assets stood at KD 1.1 billion and equity attributable to shareholders stood at KD 569.9 million. Net debt stood at KD 199 million.

2025 Performance

In a pivotal year, the company completed its strategic transformation and repositioned itself as a national platform for infrastructure and industrial services, with a clear focus on the local market and a strengthened role in supporting Kuwait’s economic development.

Despite the structural changes during the year, Makhazen’s Kuwait operations remained resilient, delivering stable revenues and improved operating profitability.

Dividends Distribution

The board has recommended a distribution of 2 fils per share for the year ended 31^st December 2025, subject to approval by the general assembly.

Important Accounting Notes

Deconsolidation of Agility Global

Following the distribution of Agility Global shares as inkind dividends, Makhazen’s stake decreased to 25% and is now accounted for as an associate.

Impairment of assets

During their meeting, the Board of Directors has approved to take provisions related to the investment in Korek and certain investment properties, with the aim of addressing the auditors’ qualifications and ensuring compliance with applicable accounting standards, as a result, a one-off accounting loss of KD 214 million was recognized for the year 2025. At the same time, the Company will continue to pursue the necessary legal actions to protect shareholders’ rights.

Operational and Strategic Update

During 2025, Makhazen continued executing its strategic expansions among different projects. South Village (S2) construction is progressing well, S2 is a logistics and commercial development serving Sabah Al-Ahmed City, one of Kuwait’s largest new urban developments.

The project that Metal & Recycling Company was awarded by KNPC and KIPIC, is also on the right track. The facility will recover valuable metals from spent catalysts and support Kuwait’s industrial sustainability objectives. Global Clearinghouse Systems continues to deliver solid operational performance supported by network optimization and expansion of service offerings.

As for the company’s investment portfolio, as of 31 December 2025, Makhazen held a 25% strategic stake in Agility Global, which continues to achieve strong performance across its portfolio companies. For FY 2025, Agility Global reported net earnings of $240 million and revenue of $5.1 billion. Total assets stood at $13.4 billion and Shareholders’ equity at $5.8 billion.

Chairman’s Statement

Faisal Jamil Sultan, Chairman of Makhazen, said:

 “Our transformation into a Kuwait-focused infrastructure, logistics, and industrial services company has become fully embedded across our operations. Our core business in Kuwait continues to perform strongly, supported by disciplined execution, enhanced efficiencies, and steady advancement across a high-quality project pipeline aligned with national development goals. We are confident that our Kuwait-centric strategy positions Makhazen for sustainable growth and long-term value creation for our shareholders.”

Update on Regional Developments

Makhazen is actively monitoring the evolving geopolitical situation across parts of the Middle East and has implemented its business continuity and contingency plans. Makhazen expresses its appreciation to the Kuwaiti government and relevant authorities for their continued efforts in maintaining security and stability. The company remains committed to supporting national priorities and contributing to the continuity of essential services and supply chains.

The company also extends its appreciation to its teams, particularly frontline personnel, for their continued dedication and professionalism.

Financial Summary

Financial Summary (Continuing Operations)