Makhazen posts KD 147 million EBITDA in Q3 2025

Makhazen posted solid Q3 2025 results, driven by strong performance in its Kuwait-based operations. This quarter is the company’s first full reporting period under its new name and after the deconsolidation of Agility Global.

Kuwait Operations Stay Strong

Makhazen delivered steady revenue and EBITDA from its core businesses. The company continued to execute its Kuwait-focused investment plan. It aims to invest more than KD 100 million through 2030. In the first nine months of 2025, it invested KD 22 million in logistics, warehousing, recycling, and customs digitization.

Key Accounting Changes

Makhazen deconsolidated Agility Global after its ownership fell to 25%. It now reports Agility Global as an associate. This change created one-off accounting effects.
The company also reclassified its Korek Telecom investment as a “Claims Receivable,” with no profit or loss impact.

Financial Results

For Q3 2025, Makhazen reported:

Revenue: KD 38.7 million
EBITDA: KD 146.7 million
Net Profit: KD 137.7 million

These figures include a KD 134 million one-off gain tied to Agility Global. The adjustment reduced assets from KD 4.2 billion to KD 1.1 billion and equity from KD 1 billion to KD 607.8 million.

For the first nine months of 2025:

Revenue: KD 112.6 million
EBITDA: KD 179 million
Net Profit: KD 155.7 million

Adjusted Results

Excluding one-offs, underlying performance remained strong:

Q3 adjusted net profit: KD 12.7 million (+207%)
Q3 adjusted EBITDA: KD 21.7 million (+46%)

For the nine-month period:

Adjusted net profit: KD 30.7 million (+82%)
Adjusted EBITDA: KD 54 million (+19%)

Project Updates

Makhazen advanced several Kuwait-focused projects.
South Village (S2) remains on schedule, with structural works progressing.
The MRC Metal Reclamation Facility is moving forward after awards from KNPC and KIPIC.
GCS continues to perform well with ongoing network upgrades.

Agility Global Update

Makhazen holds 25% of Agility Global. In Q3 2025, Agility Global reported:

Net earnings: $52 million
EBIT: $126.7 million (+21.1%)
EBITDA: $214.7 million (+19%)
Revenue: $1.3 billion (+6.7%)

Menzies and Agility Logistics Parks drove growth. Tristar delivered stable results despite maritime pressures.

Chairman Faisal Sultan’s Remarks

He said Makhazen has entered a new phase as a focused Kuwait-based logistics and infrastructure company. He highlighted resilient operations and a strong pipeline of national projects. He said the company’s Kuwait-centered strategy supports long-term growth and value creation.

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