Makhazen cuts H1 2026 loss to KWD 206.79M; Q2 profit at KWD 18.57M

16/08/2026 Argaam Exclusive

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Agility Public Warehousing Co., (Makhazen), which is listed on Kuwait and Dubai stock exchanges, narrowed its net loss to KWD 206.79 million (77.27 fils per share) in H1 2026, from KWD 270.44 million in the same period of 2025.



Financials (Million Dinar-K)

Item 6m 2025 6m 2026 Change‬
Revenues 73.86 71.51 (3.2 %)
Gross Income 62.30 56.42 (9.4 %)
Net Income (270.44) (206.79) 23.5 %
Average Shares 2,676.13 2,676.13 -
Earnings Per Share before unusual items (Fils) 105.89 (9.65) (109.1 %)
EPS (Fils) (101.06) (77.27) 23.5 %

The improvement was mainly attributable to no losses being recorded from discontinued operations, compared with KWD 553.82 million in losses in H1 2025. It also recorded KWD 11.66 million in gains from recoveries under favorable legal claims, compared with nil in the year-ago period.

 

The company also cited a 14% decline in general and administrative expenses to KWD 24.60 million, from KWD 28.50 million, as well as KWD 3.16 million in the company’s share of results of associates, compared with nil in H1 2025.

 

Q2 2026 net profit amounted to KWD 18.57 million.



Current Quarter Comparison (Million Dinar-K)

Compared With The
Item Q2 2025 Q2 2026 Change‬
Revenues 36.09 35.58 (1.4 %)
Gross Income 30.16 27.90 (7.5 %)
Net Income (282.02) 18.57 106.6 %
Average Shares 2,676.13 2,676.13 -
Earnings Per Share before unusual items (Fils) 104.55 2.58 (97.5 %)
EPS (Fils) (105.39) 6.94 106.6 %

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Share Price

Agility The Public Warehousing Company K.S.C
1.84
0.07 3.95 %

Agility The Public Warehousing Company K.S.C (makhazin)

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Financial Ratios
Current
Market Cap (M Dirham) 4,924.10
Enterprise Value (EV) (M Dirham) 7,596.95
Shares Outstanding ((M)) 2,676.13
Recurring EPS (Fils) (TTM) 18.21
Book Value (BV) ( Dirham) 1.52
Par Value ( Fils) 119.72
Recurring P/E (TTM) 10.10
P/E (TTM) NEG
Price/book 1.21
Dividend Yield (%) (Last Year) -
Return on Average Assets (%) (TTM) (9.88 )
Return on Average Equity (%) (TTM) (52.47 )
EV/Revenues 4.26
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Financial results (Million Dinar-K)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2017 320.54 - 110.83 - 20.32 -
Q2 2017 342.06 - 117.79 - 23.12 -
Q3 2017 358.48 - 115.50 - 23.65 -
Q4 2017 385.96 - 125.74 - 25.43 -
Q1 2018 371.81 16.0 % 124.64 12.5 % 27.50 35.3 %
Q2 2018 384.16 12.3 % 124.27 5.5 % 25.90 12.0 %
Q3 2018 394.45 10.0 % 125.20 8.4 % 27.34 15.6 %
Q4 2018 399.78 3.6 % 123.70 (1.6 %) 28.35 11.5 %
Q1 2019 378.77 1.9 % 123.94 (0.6 %) 29.26 6.4 %
Q2 2019 396.27 3.2 % 129.08 3.9 % 30.71 18.6 %
Q3 2019 400.71 1.6 % 133.33 6.5 % 29.49 7.9 %
Q4 2019 402.81 0.8 % 145.05 17.3 % 25.56 (9.9 %)
Q1 2020 377.61 (0.3 %) 127.40 2.8 % 20.70 (29.3 %)
Q2 2020 88.61 (77.6 %) 48.35 (62.5 %) 9.69 (68.4 %)
Q3 2020 97.52 (75.7 %) 50.55 (62.1 %) 15.08 (48.9 %)
Q4 2020 105.70 (73.8 %) 52.31 (63.9 %) 10.25 (59.9 %)
Q1 2021 107.98 (71.4 %) 58.21 (54.3 %) 17.38 (16.0 %)
Q2 2021 112.20 26.6 % 59.01 22.0 % 19.60 102.2 %
Q3 2021 124.49 27.7 % 64.35 27.3 % 22.77 51.0 %
Q4 2021 141.49 33.9 % 69.81 33.4 % (2.40) (123.4 %)
Q1 2022 132.09 22.3 % 67.14 15.3 % 26.57 52.9 %
Q2 2022 138.45 23.4 % 72.05 22.1 % 27.98 42.8 %
Q3 2022 256.32 105.9 % 145.53 126.2 % 31.34 37.7 %
Q4 2022 336.53 137.8 % 188.61 170.2 % 25.43 1159.7 %
Q1 2023 320.54 142.7 % 187.09 178.6 % 32.68 23.0 %
Q2 2023 327.84 136.8 % 199.78 177.3 % 34.74 24.2 %
Q3 2023 360.79 40.8 % 212.83 46.2 % 30.38 (3.1 %)
Q4 2023 343.86 2.2 % 218.26 15.7 % 36.99 45.5 %
Q1 2024 36.59 (88.6 %) 31.68 (83.1 %) 16.29 (50.1 %)
Q2 2024 36.14 (89.0 %) 27.34 (86.3 %) 9.68 (72.1 %)
Q3 2024 37.28 (89.7 %) 31.66 (85.1 %) 12.47 (59.0 %)
Q4 2024 39.87 (88.4 %) 36.22 (83.4 %) 11.60 (68.6 %)
Q1 2025 37.77 3.2 % 32.14 1.5 % 13.49 (17.2 %)
Q2 2025 36.09 (0.1 %) 30.16 10.3 % 13.71 41.7 %
Q3 2025 38.71 3.8 % 31.72 0.2 % 5.86 (53.0 %)
Q4 2025 38.89 (2.4 %) 31.91 (11.9 %) 14.66 26.4 %
Q1 2026 35.93 (4.9 %) 28.52 (11.3 %) (27.20) (301.6 %)
Q2 2026 35.58 (1.4 %) 27.90 (7.5 %) - -


Profit Performance (Million Dinar-K)

Period Net Income Change EPS(Fils) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Fils)
Q1 2017 14.56 - 5.44 - 14.56 5.44
Q2 2017 16.84 - 6.29 - 16.84 6.29
Q3 2017 17.82 - 6.66 - 17.82 6.66
Q4 2017 19.29 - 7.21 - 19.29 7.21
Q1 2018 18.90 29.8 % 7.06 - 18.90 7.06
Q2 2018 19.99 18.7 % 7.47 - 19.99 7.47
Q3 2018 20.00 12.3 % 7.47 - 20.00 7.47
Q4 2018 22.21 15.1 % 8.30 - 22.21 8.30
Q1 2019 20.28 7.3 % 7.58 - 20.28 7.58
Q2 2019 21.61 8.1 % 8.08 - 21.61 8.08
Q3 2019 21.68 8.4 % 8.10 - 21.68 8.10
Q4 2019 23.19 4.4 % 8.66 - 23.19 8.66
Q1 2020 9.82 (51.6 %) 3.67 - 9.82 3.67
Q2 2020 6.39 (70.4 %) 2.39 - 6.39 2.39
Q3 2020 15.31 (29.4 %) 5.72 - 15.31 5.72
Q4 2020 10.05 (56.6 %) 3.76 - 10.05 3.76
Q1 2021 12.64 28.7 % 4.72 12.09 0.55 0.21
Q2 2021 38.57 503.7 % 14.41 23.29 15.28 5.71
Q3 2021 926.86 5952.4 % 346.34 918.39 8.47 3.16
Q4 2021 (0.65) (106.4 %) (0.24) 0.40 (1.05) (0.39)
Q1 2022 12.77 1.0 % 4.77 - 12.77 4.77
Q2 2022 16.05 (58.4 %) 6.00 - 16.05 6.00
Q3 2022 12.57 (98.6 %) 4.70 - 12.57 4.70
Q4 2022 26.65 4218.5 % 9.96 - 26.65 9.96
Q1 2023 15.32 20.0 % 5.73 - 15.32 5.73
Q2 2023 14.17 (11.7 %) 5.29 - 14.17 5.29
Q3 2023 28.05 123.1 % 10.48 23.48 4.57 1.71
Q4 2023 26.04 (2.3 %) 9.73 1.23 24.81 9.27
Q1 2024 18.69 22.0 % 6.98 13.60 5.09 1.90
Q2 2024 6.01 (57.6 %) 2.24 11.88 (5.87) (2.19)
Q3 2024 10.09 (64.0 %) 3.77 16.07 (5.62) (2.10)
Q4 2024 27.84 6.9 % 10.40 55.76 (27.92) (10.43)
Q1 2025 11.59 (38.0 %) 4.33 7.99 3.60 1.34
Q2 2025 (282.02) (4794.9 %) (105.39) (561.81) 279.79 104.55
Q3 2025 82.65 718.9 % 30.88 (108.51) 191.16 71.43
Q4 2025 (106.42) (482.3 %) (39.76) 18.22 (124.63) (46.57)
Q1 2026 (225.36) (2044.9 %) (84.21) (192.64) (32.72) (12.23)
Q2 2026 18.57 106.6 % 6.94 11.66 6.91 2.58

Profitability

Period Gross Margin Adjusted EBITDA margin Net Margin Before Unusual Items
Q1 2017 - - -
Q2 2017 - - -
Q3 2017 - - -
Q4 2017 33.39 % 11.81 % 4.87 %
Q1 2018 33.17 % 11.91 % 5.00 %
Q2 2018 32.67 % 11.84 % 5.07 %
Q3 2018 32.53 % 11.94 % 5.09 %
Q4 2018 32.11 % 12.42 % 5.23 %
Q1 2019 31.92 % 12.94 % 5.30 %
Q2 2019 31.98 % 13.14 % 5.36 %
Q3 2019 32.37 % 12.73 % 5.44 %
Q4 2019 33.66 % 11.50 % 5.50 %
Q1 2020 33.91 % 11.09 % 4.84 %
Q2 2020 35.77 % 12.26 % 4.81 %
Q3 2020 38.42 % 14.84 % 5.66 %
Q4 2020 41.62 % 18.97 % 6.21 %
Q1 2021 52.38 % 31.30 % 8.08 %
Q2 2021 51.98 % 32.00 % 9.73 %
Q3 2021 51.93 % 31.02 % 7.63 %
Q4 2021 51.71 % 24.27 % 4.78 %
Q1 2022 51.02 % 22.94 % 6.95 %
Q2 2022 50.95 % 21.56 % 6.76 %
Q3 2022 53.05 % 18.63 % 6.04 %
Q4 2022 54.82 % 18.17 % 7.88 %
Q1 2023 56.40 % 16.56 % 6.71 %
Q2 2023 58.09 % 15.60 % 5.54 %
Q3 2023 58.58 % 14.81 % 4.51 %
Q4 2023 60.45 % 15.96 % 4.35 %
Q1 2024 61.97 % 19.03 % 4.55 %
Q2 2024 63.05 % 23.65 % 3.68 %
Q3 2024 68.07 % 37.35 % 4.06 %
Q4 2024 84.66 % 100.48 % (22.90 %)
Q1 2025 84.31 % 100.31 % (23.70 %)
Q2 2025 86.21 % 103.88 % 165.45 %
Q3 2025 85.44 % 83.39 % 292.99 %
Q4 2025 83.15 % 70.34 % 231.02 %
2025 83.15 % 70.34 % 231.02 %
Q1 2026 81.75 % 27.40 % 209.59 %
Q2 2026 80.51 % - 27.30 %


Per Share Data (Dinar-K)

Compared With The
Period Shares Outstanding (M) EPS (Fils) Earnings Per Share before unusual items (Fils) Book Value (BV)
Q1 2017 2,676.13 - - 0.35
Q2 2017 2,676.13 - - 0.35
Q3 2017 2,676.13 - - 0.35
Q4 2017 2,676.13 25.60 25.60 0.36
Q1 2018 2,676.13 27.22 27.22 0.37
Q2 2018 2,676.13 28.40 28.40 0.36
Q3 2018 2,676.13 29.22 29.22 0.37
Q4 2018 2,676.13 30.31 30.31 0.38
Q1 2019 2,676.13 30.82 30.82 0.39
Q2 2019 2,676.13 31.43 31.43 0.39
Q3 2019 2,676.13 32.06 32.06 0.39
Q4 2019 2,676.13 32.42 32.42 0.41
Q1 2020 2,676.13 28.51 28.51 0.42
Q2 2020 2,676.13 22.82 22.82 0.42
Q3 2020 2,676.13 20.44 20.44 0.42
Q4 2020 2,676.13 15.54 15.54 0.43
Q1 2021 2,676.13 16.59 12.07 0.43
Q2 2021 2,676.13 28.62 15.39 0.44
Q3 2021 2,676.13 369.24 12.84 0.77
Q4 2021 2,676.13 365.24 8.69 0.75
Q1 2022 2,676.13 365.29 13.25 0.68
Q2 2022 2,676.13 356.87 13.54 0.55
Q3 2022 2,676.13 15.23 15.08 0.52
Q4 2022 2,676.13 25.42 25.42 0.60
Q1 2023 2,676.13 26.38 26.38 0.68
Q2 2023 2,676.13 25.67 25.67 0.71
Q3 2023 2,676.13 31.46 22.68 0.66
Q4 2023 2,676.13 31.23 22.00 0.66
Q1 2024 2,676.13 32.49 18.17 0.35
Q2 2024 2,676.13 29.44 10.68 0.33
Q3 2024 2,676.13 22.73 6.88 0.37
Q4 2024 2,676.13 23.40 (12.82) 0.38
Q1 2025 2,676.13 20.75 (13.38) 0.37
Q2 2025 2,676.13 (86.88) 93.36 0.20
Q3 2025 2,676.13 (59.77) 166.89 0.23
Q4 2025 2,676.13 (109.93) 130.75 0.21
Q1 2026 2,676.13 (198.48) 117.18 0.12
Q2 2026 2,676.13 (86.15) 15.21 0.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Recurring P/E Price/book
Q1 2017 - - 1.18
Q2 2017 - - 1.16
Q3 2017 - - 1.16
Q4 2017 16.02 16.02 1.13
Q1 2018 15.26 15.26 1.13
Q2 2018 14.62 14.62 1.14
Q3 2018 17.01 17.01 1.34
Q4 2018 16.39 16.39 1.31
Q1 2019 16.12 16.12 1.29
Q2 2019 15.81 15.81 1.29
Q3 2019 12.10 12.10 0.99
Q4 2019 13.74 13.74 1.08
Q1 2020 15.62 15.62 1.07
Q2 2020 19.52 19.52 1.07
Q3 2020 21.79 21.79 1.07
Q4 2020 28.67 28.67 1.04
Q1 2021 31.81 43.71 1.22
Q2 2021 18.44 34.28 1.21
Q3 2021 2.00 57.48 0.96
Q4 2021 2.57 More than 100 1.25
Q1 2022 2.67 73.52 1.44
Q2 2022 3.04 80.18 1.96
Q3 2022 71.31 72.02 2.11
Q4 2022 42.71 42.71 1.81
Q1 2023 41.16 41.16 1.60
Q2 2023 42.29 42.29 1.53
Q3 2023 34.52 47.87 1.64
Q4 2023 34.77 49.37 1.64
Q1 2024 33.42 59.76 3.07
Q2 2024 11.35 31.27 1.02
Q3 2024 10.55 34.85 0.66
Q4 2024 10.71 NEG 0.66
Q1 2025 11.84 NEG 0.67
Q2 2025 NEG 2.50 1.16
Q3 2025 NEG 0.83 0.61
Q4 2025 NEG 1.02 0.63
Q1 2026 NEG 1.00 0.95
Q2 2026 NEG 8.24 0.99

Business Segments (Million Dinar-K)

Compared With The
Period Industrial real estate Trade facilitation and infrastructure oTHER Modifications and Exclusions Aviation Services Fuel Logistics Controlled Companies Logistics and related services InfrastructurE
Q1 2017 - - - - - - - 240.21 80.33
Q2 2017 - - - - - - - 255.33 87.61
Q3 2017 - - - - - - - 272.26 85.34
Q4 2017 - - - - - - - 292.80 93.16
Q1 2018 - - - - - - - 277.20 94.77
Q2 2018 - - - - - - - 289.17 94.83
Q3 2018 - - - - - - - 292.04 102.41
Q4 2018 - - - - - - - 293.32 106.46
Q1 2019 - - - - - - - 274.79 103.98
Q2 2019 - - - - - - - 281.86 114.41
Q3 2019 - - - - - - - 284.80 115.91
Q4 2019 - - - - - - - 282.38 120.43
Q1 2020 - - - - - - - 271.37 106.24
Q2 2020 - - - - - - - - 88.62
Q3 2020 - - - - - - - - 97.52
Q4 2020 - - - - - - - - 105.70
Q1 2021 - - - (2.21) - - 110.19 - -
Q2 2021 - - - (2.20) - - 114.40 - -
Q3 2021 - - - (1.65) - - 126.13 - -
Q4 2021 - - - 0.68 - - 140.81 - -
Q1 2022 - - 70.01 - 16.84 45.24 - - -
Q2 2022 - - 72.83 - 16.87 48.75 - - -
Q3 2022 - - 77.60 - 105.55 73.18 - - -
Q4 2022 - - 96.14 - 154.68 85.71 - - -
Q1 2023 - - 82.25 - 154.37 83.92 - - -
Q2 2023 - - 79.74 - 162.20 85.90 - - -
Q3 2023 - - 101.21 - 175.23 84.35 - - -
Q4 2023 - - 87.05 - 174.01 82.81 - - -
Q1 2024 - - 81.58 - - 77.25 - - -
Q2 2024 - - (8.85) - - - - - -
Q3 2024 - - 37.28 - - - - - -
Q4 2024 - - 39.87 - - - - - -
Q1 2025 14.53 18.82 4.42 - - - - - -
Q2 2025 - - (10.04) - - - - - -
Q3 2025 - - 38.71 - - - - - -
Q4 2025 - - 38.89 - - - - - -
Q1 2026 12.04 17.19 6.71 - - - - - -

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