Kuwait – Today, Mazaya Holding Company, the new trading name of Agility Public Warehousing Company K.S.C.P., announced its financial results for the first quarter ended March 31, 2026, recording revenues of KD 36 million during the first quarter of 2026, a decrease of 5% year-on-year, due to the handover of some sites in Kuwait during 2025.

During the quarter, and based on recent legal developments related to certain leased land matters in Kuwait, the Board of Directors decided to take a full provision against the associated investment property assets and related balances. This resulted in a one-time cash loss of KD 233 million. The company will continue to vigorously defend its position through all available legal channels.

As a result of these exceptional non-cash accounting restrictions, the reported earnings before interest, taxes, depreciation and amortization for the quarter amounted to a negative 216 million Kuwaiti dinars, while the net loss to the company’s shareholders amounted to 225 million Kuwaiti dinars .

Excluding these non-recurring items, the company’s underlying operating performance remained solid, with adjusted earnings before interest, taxes, depreciation and amortization amounting to KD 16 million and adjusted net profit attributable to the company’s shareholders amounting to KD 7 million during the quarter.

First quarter performance of 2026

During the quarter, the warehouses continued to focus on strengthening their operational platform, improving their asset base, and moving forward with projects that support the long-term economic and development priorities of the State of Kuwait.

The warehouse operations achieved profitable core operational performance across all its major segments, reflecting continued operational discipline and the strength of its core business platform.

Operational and strategic updates

Construction work is progressing well on the South Village (S2) project, a logistics and commercial development project serving Sabah Al-Ahmad City, one of the largest planned urban development projects in Kuwait.

The contract for the Metals and Refining Company (MRC) , awarded by the Kuwait National Petroleum Company and the Kuwait Integrated Petroleum Industries Company (KIPIC), is also on track.

Global Clearinghouse Systems (GCS) continues to deliver strong operational performance, supported by network optimization and an expanded range of services offered.

As of March 31, 2026, Mokhazen held a 25% strategic stake in Agility Global , which continued to deliver strong performance across its subsidiaries. For the first quarter of 2026, Agility Global reported earnings before interest and taxes (EBIT) of $103 million, earnings before interest, taxes, depreciation, and amortization (EBITDA) of $185 million, and revenues of $1.4 billion. Its total assets amounted to $13.2 billion, and shareholders' equity stood at $5.6 billion.

Mr. Faisal Jamil Al-Sultan, Chairman of the Board of Directors of the stores, said:

"The first quarter of 2026 reflects a resilient underlying operating performance. While the reported results were significantly impacted by non-recurring impairment charges and expenses related to leased properties, our core business remains profitable and operationally sound, and the company will continue to pursue its legal rights in relation to these matters."

As we move forward under the Makhazen brand, our focus remains on strengthening the business, structurally improving our assets, and positioning the company for long-term sustainable growth. We also continue to maintain financial discipline and execute our strategic priorities. With Makhazen's strong balance sheet and cohesive operating platform, we remain confident in the company's ability to deliver long-term value to our shareholders.

About the warehouses

Mazeen, the new trading name of Agility Public Warehousing Company K.S.C.P., provides the infrastructure to support Kuwait’s economic and commercial ambitions. Mazeen develops and operates strategic infrastructure and solutions that accelerate growth, drive trade, and solidify Kuwait’s position on the global stage. Our operations encompass industrial real estate, customs digitization, and waste management and recycling, all centered on supporting Kuwait’s national economic priorities. Mazeen owns a 25% stake in Agility Global, a diversified owner, operator, and investor. Mazeen is listed on both the Kuwait Stock Exchange and the Dubai Financial Market.

For more information about warehouses, please visit:

Our website: www.makhazen.com
Twitter: x.com/makhazenkw

Instagram: instagram.com/makhazenkw
LinkedIn: linkedin.com/company/makhazenkw/
Facebook: facebook.com/makhazenkw/

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