Investment will help fund company’s international expansion

KUWAIT – October 4, 2022 – Agility, a supply chain services, infrastructure, and innovation company, announced that its venture capital arm, Agility Ventures, has invested in Loop Global, a U.S.-based leader in the development of hardware and software for electric-vehicle (EV) charging stations and networks.

Loop, which operates in all 50 U.S. states and more than 15 countries, said it would use the funds from Agility Ventures and other new investors to support its expansion and growth.

Loop has sold more than 7,000 charging stations worldwide through resellers and distributors that make up a combined network of over 750 electrical contractors. The company’s next generation EV-charging solutions are currently being adopted by municipalities and some of the world’s largest commercial, retail, multi-tenant, fleet and hospitality businesses.

“At Loop, we believe the transition to clean electric vehicles will only move as quickly as the EV-charging infrastructure that is there to support it,” said Dustin Cavanaugh, Co-Founder and CEO of Loop. “Loop is streamlining this transition by making next generation EV-charging infrastructure solutions for property owners that are uniquely affordable and provide the lowest total cost of ownership on the market.” With as many as 230 million electric vehicles expected to be on the road by 2030, the demand for affordable and reliable EV charging infrastructure is extremely high, yet many real estate operators do not know where to begin when it comes to implementing the technology across their properties. Loop’s smart, simple and affordable EV-charging products provide ready-made solutions for passive charging at home, work and on the go.

Henadi Al-Saleh, Agility Chairperson and head of Agility Ventures, said: “The net-zero transition is real, and it’s already in progress. Governments, businesses, and consumers around the world are spending to make greener choices, including on electric vehicles. But to achieve scale, we need to take an ecosystem view. It’s not any one green technology alone that will move the needle, but rather the ability to create the supporting infrastructure that allows for widespread adoption. That’s what we like about Loop — it helps reduce the barriers to cleaner transport for more people.”

Agility has committed more than $170 million to investments in sustainable transportation, energy and technology. Its portfolio includes investments in Hyliion, a U.S. innovator in electrified powertrain systems for commercial trucks; Frete, Brazil’s leading freight marketplace; Volta Trucks, a Swedish manufacturer of middle-mile and last-mile electric trucks; Swvl, a Dubai-based provider of mass transit and shared mobility; and TVP Solar, a maker of high-performing, ultra-efficient solar panels based in Switzerland.

Cavanaugh said Loop, based in El Segundo, California, is looking to locate charging networks “where drivers are already spending the majority of their day, we are enabling consumers to eliminate the burden of having to go out of their way to refuel and allowing them to prioritize convenience above all else,” said Cavanaugh. “Loop has the vision of making EV charging affordable and accessible to the world by empowering property owners with turnkey solutions to create passive and profitable charging networks that prioritize convenience for EV drivers.”

  • Deal announced during Egyptian – Kuwaiti Economic Forum
  • Suez Canal Economic Zone signs contract with Agility to develop and operate customs solution
  • Agility to invest USD 60 million to establish logistics and customs center to serve businesses covering 100,000 SQM in Ein Sokhna and East Port Said
  • SCZONE Chairman Walid Gamal El-Din: “Modernizing customs operations allows Egypt to play an even more important role in the global supply chain.”
  • Agility’s Tarek Sultan: “Our collaboration with the Suez Canal Economic Zone strengthens our reputation as a leading provider of innovative, technology-driven solutions for customs authorities.”

CAIRO – October 3, 2022 – The Suez Canal Economic Zone today announced that it has signed a contract with Agility, a supply chain services, infrastructure and investment leader, to develop and operate a customs and logistics center in the Suez Canal Economic Zone.

The agreement with Agility was signed during the Egyptian-Kuwaiti Economic Forum in the presence of Walid Gamal El-Din, Chairman of the Suez Canal Economic Zone (SCZONE), and Tarek Sultan, Vice Chairman of Agility.

Agility will work with SCZone to implement its strategic vision in the areas of services, logistics, and industrial zone support by establishing a technical and logistical arm that will automate customs processes and operations in the SCZone. The automation piece will link the SCZone’s customs departments and relevant government agencies concerned with inspection work. The project, intended to turn the zone into a global logistics hub, will improve the flow of goods and commodities and bring efficiency and lower costs to international companies and investors operating there. Agility invest USD 60 million to build a 100,000 SQM customs and logistics centre in the industrial zone in Ein Sokhna, as well as another 100,000 SQM customs and logistics  centre in East Port Said. The project will be implemented during the second half of 2023.

Walid Gamal El-Din said: “The signing of this contract today with Agility, a leader in customs modernization, is consistent with the Suez Canal Authority’s strategic plan 2020/2025, which aims to create an enticing investment environment and further one of Egypt’s key development goals, which is to create job opportunities through integrated, sustainable economic growth. This agreement will enable the Suez Canal Authority to improve visibility over inbound materials and finished goods and enhance efficiency through a single-window customs platform. The result will be increased commercial activity, quicker release of cargo and better overall operations.”

Gamal El-Din added: “This agreement comes in line with the State’s policies in developing the customs clearance services by building an integrated and automated system that raises overall efficiency of customs operations, reducing accumulation of shipments and goods, while providing the best services possible to investors. This in addition to the facilitated coordination and integration between the Ministry of Finance, tax and customs authorities as well as other government bodies with the economic zone.”

Mr. Tarek Sultan, Vice Chairman of Agility, said Egypt plays a vital role in global and regional trade. He said the ambitious modernization project, along with the other strategic development efforts undertaken by the government, demonstrate the country’s determination to be an economic leader in the future.

“By developing and modernizing the customs and logistics center, the SCZone and the Egyptian government are positioning Egypt to be the one of the world’s most advanced operators and an indispensable 21st century trade partner for MENA, Asia and Europe,” Sultan said. “Companies with a presence in the Suez Canal Economic Zone will have access to the world’s best logistics infrastructure and services. They will be situated at the trade crossroads of the world, amid the fastest-growing markets.

Aids expansion of India-based delivery and order management specialist in Saudi Arabia

KUWAIT – September 26, 2022 Agility, a supply chain services, infrastructure, and innovation company, announced that its venture capital arm, Agility Ventures, has invested in Shiprocket, India’s leading tech-enabled last-mile delivery aggregator and order management platform, based in New Delhi.

Agility’s 2021 investment, through its Agility Ventures corporate venture capital arm, was used to help fund Shiprocket’s expansion in the Middle East.  Since then, Agility has worked to connect Shiprocket with regional and local logistics players and partners, vendors, and others in its corporate ecosystem.

Shiprocket has attracted investment from multiple global and Indian venture capital firms and e-commerce service providers since it was established in 2017. The company simplifies last-mile delivery by consolidating invoices, offering more affordable prices, and locating the fastest, most reliable couriers. Its fulfillment service manages the storage, picking, and packing of merchants’ goods across India. Shiprocket also offers integration with Amazon, Shopify, Magento, and other major marketplaces and sellers. Its products lower return costs, reduce delivery delays and errors, and provide tracking and alerts.

Henadi Al-Saleh, Agility Chairperson and head of Agility Ventures, announced the investment, saying it was part of Agility’s strategy to expand its leadership in digital logistics and e-commerce in high-growth markets through in-house development, acquisitions, and investment in innovative startups.

Al-Saleh said Shiprocket has the “first-mover advantage” in India’s potentially massive e-commerce market and has built successful products for which there is a growing appetite in the Middle East/North Africa, including post-checkout services for smaller digital sellers.

“Shiprocket has excelled by building cutting-edge products that solve major logistics problems for business customers as they scale, much like PayPal supported merchants with payments solutions. It has also managed to plug a big hole in the B2C e-commerce space by offering customers of direct-to-consumer brands a seamless post-checkout experience that includes delivery,” Al-Saleh said.

Akshay Ghulati, Co-Founder of Shiprocket, said: “The Middle East is a key market for Shiprocket and we are working towards providing the best technology solutions for e-commerce sellers, D2C brands and SMEs in the region via our Shiprocket Direct and Wigzo platforms. We are excited to welcome Agility as an investor in Shiprocket and look forward to working with them as we look to grow in the region.”

Agility Ventures has invested in e-commerce innovation companies in the United States, India, Egypt, and Saudi Arabia, among them Bread, Eunimart, ExpandCart, and Zid. Agility’s Shipa E-Commerce and Shipa Delivery companies are leaders in cross-border e-commerce and delivery in the Gulf. Shipa Freight and iContainers, also owned by Agility, offer instant online air and ocean freight bookings and tools for small businesses to manage logistics.

 

Q2 2022

(Million KD)

Q2 2021

(Million KD)

Variance

(%)

1H 2022

(Million KD)

1H 2021

(Million KD)

Variance

(%)

Revenue 138.4 112.2 23.4% 270.5 220.2 22.9%
Net Revenue 72.0 59.0 22.1% 139.2 117.2 18.7%
EBITDA 37.0 38.6 -4.1% 71.0 58.3 21.5%
Net Profit for the year from continuing operations 16.1 15.7 2% 28.8 16.8 71.5%
Net Profit for the year from discontinued operations 0 22.8 -100% 0 34.4 -100%
Net Profit 16.1 38.6 -58.4% 28.8 51.2 -43.7%
EPS (fils) 6.35 15.27 -58.4% 11.41 20.27 -43.7%

Numbers above are rounded

 

KUWAIT – August 13, 2022Agility, an operator and long-term investor in supply chain services, infrastructure, and innovation, today reported first half 2022 earnings of 11.41 fils per share on a net profit of KD 28.8 million. Profits from continuing operations, which exclude performance of the GIL business sold by Agility in 2021, increased 71.5% from KD 16.8 million to KD 28.8 million. EBITDA increased 21.5% to KD 71 million, and revenue grew 22.9% to KD 270.5 million.

For the second quarter, Agility reported earnings of 6.35 fils per share on a net profit of KD 16.1 million. Net profits from continuing operations increased 2% from the same period last year. EBITDA was KD 37 million, a decline of 4.1%. Adjusted EBITDA, for non-recurring items in both quarters, showed an increase of 8.6%. Revenue grew 23.4% to KD 138.4 million.

 

Q2 2022 performance

Agility Vice Chairman Tarek Sultan said: “Agility continues to deliver good results amid challenging market and geopolitical conditions. Our owned and operated, or controlled businesses reported year-over-year growth, and we expect continued growth and performance in our operations in 2022. Our goal is to grow these businesses further. The Menzies acquisition, which we concluded earlier this month, is a good example of this growth strategy.

 

“When it comes to Agility’s portfolio of investments, our largest investment, DSV, continues to be impacted by market performance. That said, Agility is a strategic and long-term investor, with deep supply chain expertise in our own right. We believe in the long-term potential of freight forwarding and transportation, as well as the other sectors we have invested in.

“Agility today is a different company than it was two years ago, but what hasn’t changed is that we are looking to accelerate our growth across our portfolio by unlocking value for shareholders, customers, employees, partners, and communities.”

 

Agility-Controlled Businesses

Agility’s controlled businesses are those that the company controls and operates. The performance of this segment is consolidated and reported through the parent company’s profit and loss statement. For the second quarter of 2022, this segment reported revenue of KD 138.4 million and EBITDA of KD 39.8 million, increases of 23.4% and 9.2%, respectively.

Agility Logistics Parks (ALP) revenue in the second quarter of 2022 grew 2% vs. Q2 2021. To meet the increasing demand for warehousing space, ALP is optimizing its existing land bank and looking to acquire additional land for development, especially in the Middle East and Africa regions.

Tristar, a fully integrated liquid logistics company, posted a 23.8% increase in revenue in Q2 2022. This growth was driven by strong performance of Maritime sector and Turnkey Fuel business.

National Aviation Services (NAS) reported a 40.1% year-over-year revenue increase in Q2 2022. The increase reflects the broad recovery in commercial aviation as flights, passengers and cargo volumes grew in most of the countries where NAS operates. In addition, NAS created significant value from operations in some of its newer markets.

On August 4, Agility finalized its acquisition of UK-based John Menzies PLC and will combine Menzies with its National Aviation Services (NAS) business to create a world leader in aviation services, operating in 58 countries. Menzies’ financial performance will be consolidated with Agility’s group financials starting from the acquisition date. The enterprise value of the acquisition was £763 million. Menzies and NAS will be combined into a single entity that will do business under the Menzies name.  Performance of the new, combined entity will be reported within Agility’s controlled business segment.

United Projects for Aviation Services Company (UPAC) reported a 35.7% increase in Q2 2022 revenue, primarily due to a rebound in airport-related services and parking following the phased reopening of Kuwait International Airport. Flight and passenger volumes have grown since the relaxation of COVID restrictions by the government of Kuwait. UPAC anticipates a gradual increase in airport traffic in 2022 and beyond.

UPAC is a co-investor in Abu Dhabi’s Reem Mall, on Reem Island. Construction is nearly complete. The retail, entertainment, and leisure attraction is expected to open in 2022.  Carrefour, the anchor tenant, recently opened its doors at Reem Mall.

At Global Clearinghouse Systems (GCS), Agility’s customs-modernization company, Q2 2022 revenue grew 10.5% from second quarter 2021. The increase was driven by higher trade volumes and company growth initiatives. GCS is still pursuing opportunities to increase future growth and diversify its sources of income.

 

Agility’s Investments

Agility holds minority stakes in a number of businesses, both listed and non-listed, with a carrying value of around KD 1.4 billion. The largest investment in this portfolio is DSV. The other investments in the portfolio span a number of sectors including: freight, real estate, e-commerce enablement, ESG and supply chain technologies.

Global equity markets remain volatile as the result of supply chain disruption, high energy prices political instability, and other challenges that affect the day-to-day valuation of Agility’s investments.

 

Recap of Agility Q2 2022 Financial Performance (Continuing Operations)

  • Agility’s Net Profit from continuing operations grew 2% compared with same period in 2021.
  • Agility’s EBITDA decreased 4.1% to KD 37 million. Adjusted EBITDA grew 8.6%.
  • Agility’s Revenue increased 23.4%, to KD 138.4 million and Net Revenue increased 22.1%.
  • Agility enjoys a healthy balance sheet with KD 2.5 billion in assets. Net Debt stood at KD 465.7 million as of June 30, 2022. Reported operating cash flow was KD 24.4 million for the first half of 2022.

First woman to lead global defense logistics provider

WASHINGTON, D.C. – June 12, 2022 – Agility Defense & Government Services (DGS), a global leader in logistics and supply chain services for public-sector customers, has appointed Anne Bradley as CEO.

Bradley, a senior vice president at DGS, succeeds MG Dan Mongeon, USA (Ret.), who has served as CEO of DGS since 2006. Mongeon will retire and become chair of the DGS Board of Directors.

Bradley joined Agility in 2001 and led the DGS team working with the UK Ministry of Defence (MOD) and DGS’s commercial partner, Leidos, on the MOD’s first-ever Logistics Services & Commodities Transformation (LCST) contract. Under LCST, the MOD outsourced much of its commodity supply management, transportation, and other logistics services. DGS provides a number of those freight-related services, including all household relocations for MOD personnel worldwide.

In recent months, Bradley headed DGS’s “next generation” management group, charged with outlining the company’s future strategic objectives. “Agility DGS is looking to build on two years of strong financial performance and the rapidly expanding scope of work for its largest defense and government customers and key prime contractor partners,” Bradley said.

Agility DGS specializes in logistics, supply chain solutions and life support services for agencies within the U.S. Department of Defense and UK Ministry of Defence, as well as other government customers, peacekeeping missions, international organizations and relief groups.

It offers freight and commodity management, heavy lift, warehousing, disposals, remote life support, relocation/household goods services and other services around the world.

Kuwait – 7 June 2022 – CODED Academy has launched the first edition of UniCODE, with strategic partnership with Agility, a leader in supply chain services, infrastructure, and innovation. UniCode is a coding program that provides digital coding basics to undergraduate students,

Ahmad Marafi – CEO said: “We are proud to launch the first edition of UniCODE, a program designed specifically for undergraduate students. The program is part of a strategic partnership with Agility and will teach undergraduate students coding and software development. Having Agility as a Strategic Partner is synonymous with having pioneers in digital and technological transformation. We at CODED are honored, and would like to thank the Agility team contributing to this program which in the end will contribute to building a modern and prosperous society.”

Hashim Behbehani – COO said: “UniCODE has been organized with the support of the Computer Engineering Society (CPES) at Kuwait University. It will expose students to four distinct areas of knowledge including Android development, iOS development, website programming and design, and game development. Using the latest technologies and programming languages, students will benefit greatly from the intensive course in a short period of time. We created UniCODE specifically for undergraduate students from various backgrounds and academic majors with the goal of solidifying their understanding of coding and software development. In doing so, we are able to draw a clear line between academia and application. We at CODED are grateful to Agility for being a Strategic Partner in the first version of the UniCODE program. Their valuable support will ensure the continuous teaching and training of future leaders in technology and digital transformation. Finally, female and male students are welcome to participate and can apply for the UniCODE program by following  our social media accounts at @Joincoded.”

Henadi Al Saleh, Agility Chairperson said: “At Agility, we believe in the importance of digital transformation and in adopting new technologies across our businesses to enhance the way we operate and improve service delivery for our customers. CODED is helping shape the next generation of Kuwait by helping young people develop technological skills which will be needed for employment and Kuwait’s development. Agility has long supported educational initiatives in the communities where we operate; and digital transformation is an important part of Agility’s strategy. Our strategic partnership with CODED is a reflection of these priorities.  Agility has contributed to this program because it is in line with Kuwait’s development plan, as well as Agility’s interests in supporting education in geographies where we operate, especially our core Kuwait market. We are pleased to partner with CODED to contribute to building a generation educated in modern technology that will contribute to technology enabled development in Kuwait and the region.” Our strategic partnership with CODED stems from our belief in the importance of education and supporting the learning and development of Kuwait’s youth through tech programs such as UniCODE.

 

About CODED

CODED was established in Kuwait, in 2015, as the first programming education academy in the Middle East. Since its establishment until today, Coded has been able to complete more than a hundred training programs, and graduate more than a thousand students inside and outside the State of Kuwait for all levels of education and ages, from eight-year-olds to fifty-year-olds, and in various professional and academic fields.

 

KUWAIT, 16 May 2022 – Agility, a leader in supply chain services, infrastructure, and innovation, held today its E- Annual Ordinary General Assembly Meeting, with a quorum of 71.2%. The Extraordinary General meeting, since the quorum was not met, will be adjourned to May 30, 2022.

The company’s shareholders approved all items on the agenda, including Agility’s audited financial statements, and endorsed the Board of Directors’ recommendation for a cash dividend distribution of 20 fils per share in addition to a 20% bonus shares (20 shares for every 100 shares). Shareholders registered on the company’s shareholders’ record on the settlement date of 6 June 2022 are entitled to these dividends. Dividends will be distributed on 9th June 2022.

The Annual Ordinary General Assembly also re-elected the board of directors for the coming three years.

Agility reported full-year 2021 earnings of 464.36 fils per share on net profit of KD 977.4 million, an increase of 2,250% over the same period in 2020. EBITDA increased 13.2% to KD 109 million, and revenue grew 22.1% to KD 486.2 million.

Tarek Sultan, Vice Chairman, Agility, said: “As Agility looks ahead to the rest of 2022, our focus is growth. We have a successful record of growing and scaling businesses, sustainably and responsibly, and we are confident that we can continue to create value for shareholders in the medium and long term.”

“As always, we thank our shareholders, customers, employees, and partners for their trust and support in Agility. We look forward to strong year in 2022,” Sultan said.