Global, regional, local brands will use new 15,000 SQM center to manage e-commerce orders, delivery across GCC

DUBAI – Shipa, the digital logistics and e-commerce arm of Agility, announced the opening of a state-of-the-art e-fulfillment center in Kuwait. Shipa’s 15,000 SQM e-fulfillment center gives merchants and brands the infrastructure and services they need to capitalize on the explosive growth in e-commerce and online sales across Kuwait and the GCC.

Strategically located in Sulaibiya, near the country’s major transportation links, the facility contains 12,000 pallet positions and 30,000 bin locations. It leverages the operational expertise of Agility, a leading global logistics provider, and the integration technology of Shipa’s last-mile delivery network, serving GCC markets.

“The GCC ecommerce market is likely to double to $50 billion by 2025, according to AT Kearney, and a strong logistics backbone is going to be essential to realizing that growth. Agility is investing in ecommerce enablement and infrastructure across the region, and is excited about Shipa’s new e-fulfillment centers in Kuwait and the UAE,” said Henadi Al-Saleh, Chairperson of Agility. “The ecommerce ecosystem in Kuwait is getting stronger every day. Like all countries, it got a boost from the pandemic, but we’ve also seen strong support from the public sector and increased interest and investments from companies locally, regionally, and globally. We are determined to help these businesses – including local small and medium-sized businesses – accelerate their growth.”   

The Shipa facility offers non-bonded, racked and bulk storage; inbound air and ocean stock replenishment; pick-and-pack services; customer technology integration and APIs; local and international returns services; and integration with cross-border and last-mile transportation. The facility also has temperature-controlled storage, including dry and refrigerated storage. Shipa adheres to rigorous Quality Health Safety, Security and Environment (QHSSE) standards.

 “E-commerce growth in Kuwait will be boosted by the right infrastructure and technology, including dedicated warehousing, fulfillment space and capacity. Merchants and brands have asked Shipa to help them tackle that challenge,” said Shipa Delivery CEO Borhene Ben Mena. “This new e-fulfillment center will allow different industry players, including smaller and medium-sized businesses, to expand their online business in Kuwait and across the region.”

Shipa’s value-added services include e-fulfillment solutions scalable for all GCC markets, including access to more than 1.2 million SQM of GCC warehousing, customs brokerage, express bonded road services, and delivery options that include COD, pre-paid and payment-at-door.

In addition to the new center in Kuwait, Shipa has launched fulfillment centers and added services in Dubai to meet the surge in demand brought about by the dramatic acceleration in e-commerce and online transactions.

DHgate buyers and sellers to get shipping quotes, and book, pay, and track their freight online

BEIJING/DUBAI – July 13, 2021 — Agility, a leading global logistics provider, together with its digital innovation arm Shipa, announced an agreement with DHgate, the leading B2B cross-border e-commerce marketplace in China, and DHgate’s logistics arm – DHLink, to allow DHgate customers to manage their cross-border shipments with an instant, easy-to-use online logistics platform.

Shipa Freight, Shipa’s online freight-booking platform, will be integrated into DHLink as a private-label shipping option and the preferred booking option for DHgate’s 2.3 million Chinese suppliers and 36 million global buyers in 200+ countries and regions.

Like DHgate, Agility and Shipa offer products and services aimed at helping millions of micro, small and medium-sized merchants and businesses compete in cross-border trade. The agreement will give DHgate and DHLink a digital logistics solution to add to the payments, credit, pricing, and express delivery options available to its customers, while funneling cargo volume into Shipa Freight, Agility’s online shipping platform.

Under the agreement, DHgate/DHLink and Agility/Shipa will also explore opportunities to boost trade volumes between China and GCC countries and look at ways Shipa can offer DHLink related services in the region, including e-commerce fulfillment, last-mile delivery, and contract logistics.

In addition, the companies intend to explore collaboration in other markets, including Latin America, Africa, Asia-Pacific, Australasia, and Turkey.

The agreement was announced in a virtual signing ceremony attended by Agility Chairperson Henadi Al-Saleh, DHgate Founder and Chairperson Diane Wang, Head of DHLink Oliver Wan, and Shipa Freight CEO Carlos Font.

“DHgate and Shipa share the belief that micro, small and medium-sized businesses are essential to the post-pandemic global recovery. We also share the view that women-owned and women-led businesses can help power a healthy global economy,” Al-Saleh said. “The DHgate-Shipa collaboration offers benefits to these businesses, giving them access to tools they need to compete, grow and prosper.”

Diane Wang said: “At DHgate, our mission is to facilitate global commerce and realize entrepreneurial dreams for micro, small and medium-sized enterprises (MSMEs). The pandemic has amplified global consumer demands and further accelerated the development of cross-border e-commerce. Our partnership with Agility and Shipa will further expand our global coverage and optimize our logistics services. It can better serve surging demands of global consumers and help MSMEs recover more quickly.”

Shipa Freight CEO Font said: “Shipa Freight’s integration into the DHgate platform will help small and medium-sized businesses remove the complexity of compliance, customs and cross-border bureaucracy that are often obstacles to their success. We are proud to partner with DHgate and DHLink, which have helped tens of thousands of businesses establish relationships with reliable suppliers and get the products they need to succeed.”    

“Our partnership will bolster the efficiencies across the logistics and daily operations, working as the backbone and a new driver to provide seamless logistics services for merchants and customers around the world, ” said Oliver Wan, head of DHLink, “In addition, our cooperation in promoting the application of advanced technology, especially AI, big data, and blockchain, will disrupt the traditional logistics industry, further advancing the digital transformation and improving the efficiency of global supply chain and logistics.”

Logistics company donations will fund refugee outreach center and job matching

KUWAIT – July 7, 2021 – Agility, a leading global logistics provider, has renewed its partnership agreement with UNHCR, the UN Refugee Agency, to help fund programmes supporting vulnerable refugees in Jordan and Malaysia.

The partnership renewal will support UNHCR’s outreach center activities in Johor, Malaysia, where refugees receive shelter, healthcare, education, skills training and other critical services. The center, which has been supported by Agility since 2020, will assist an estimated 12,000+ refugees, most of whom are Rohingya. Over 50 Malaysian community organizations operate out of the center, which Agility helps fund. The centers provide health, education and other services, in addition to registering and documenting refugees and teaching community leadership and other skills. 

In Jordan, Agility’s donation will help UNHCR’s Job Matching programme, linking 180+ refugees with potential employers. Through this programme, UNHCR arranges interviews and places refugees in agriculture and construction jobs or other livelihood opportunities. UNHCR also provides mentorship and career advisory sessions as part of the programme. 

Henadi Al-Saleh, Agility Chairperson, said: “The COVID-19 pandemic has made an already challenging refugee situation worse. UNHCR has been active throughout the pandemic, working to help millions of refugees around the world, and we’re proud to help populations that are in need in Malaysia and Jordan. Agility has been a long-time supporter of UNHCR’s activities and programmes.”

Dr. Samer Haddadin, Representative of UNHCR Kuwait Office, said, “What was difficult before the pandemic has now worsened; refugees struggle to find steady employment, have limited access to health services and lack access to education. With Agility’s generous support, we will be able to help refugees in Jordan find jobs to support their families, and continue outreach activities in Malaysia, and strengthen community-based protection works by expanding community outreach services in carrying out extensive works on community development, comprehensive case management and strengthening peaceful co-existence.”

Globally, Agility helps those affected by natural disasters and other crises by providing supply chain expertise and resources in collaboration with commercial partners, relief groups and international institutions. In the past, Agility has supported UNHCR’s work in the Middle East, by assisting more than 490 Syrian refugee families (close to 2,500 individuals) through fundraising and donations. To find out more about Agility’s sustainability activities, visit http://sustainability.agility.com.

About Agility

Agility is a global logistics company with $5.3 billion in annual revenue and 26,000+ employees in more than 100 countries. It is one of the world’s top freight forwarding and contract logistics providers, and a leader and investor in technology to enhance supply chain efficiency. Agility is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East, Africa and Asia. Agility’s subsidiary companies offer fuel logistics, airport services, commercial real estate and facilities management, customs digitization, and remote infrastructure services.

For more information about Agility, visit Agility.com
Twitter: twitter.com/agility
LinkedIn: linkedin.com/company/agility
YouTube: youtube.com/user/agilitycorp

About UNHCR

UNHCR, the UN Refugee Agency, is a global organisation dedicated to saving lives, protecting rights and building a better future for people forced to flee their homes because of conflict and persecution. We lead international action to protect refugees, forcibly displaced communities and stateless people. We deliver life-saving assistance, help safeguard fundamental human rights, and develop solutions that ensure people have a safe place called home where they can build a better future. We also work to ensure that stateless people are granted a nationality. We work in over 130 countries, using our expertise to protect and care for millions.

For more information:
Raefah Makki
Head of Campaign and Advocacy Team, UNHCR
[email protected]


Retailer will use Agility’s modern logistics facility to store and distribute

KUWAIT – June 21, 2021 – Agility, a leading global logistics provider, announced today that Kout Food Group (KFG), which manages restaurant operations and international franchise brands in Kuwait, has inaugurated its 16,000 SQM warehouse for a storage, distribution center, and truck parking at the Agility Logistics Park (ALP) in Sulaibiya.

KFG will establish its distribution center in Agility’s recently completed 26,000 SQM logistics warehouse, which was developed by ALP. The facility is the largest logistics warehouse in Kuwait.

KFG will use the ALP facility to store and distribute its goods, including food, near food and non-food products in the distribution center. From the ALP, KFG will deliver to its restaurants and Al Homaizi Fresh Productions and Al Homaizi Family companies. KFG’s fleet of 25 trucks will deliver from the distribution center at the ALP to its stores and restaurants across Kuwait.

Nader Sakeen, CEO of ALP Kuwait and GCC, said: “We are pleased to welcome KFG to our premises, and congratulate them on the establishment of the distribution center at our ALP in Sulaibiya. Agility is a leader in the design and construction of logistics parks and warehouses. We deliver large-scale projects that help accelerate growth and enhance operational efficiency for companies in Kuwait, whether they are multinationals, leading national and regional businesses, or small and medium-sized companies.”

KFG Deputy CEO Amin Mohammed said: “We are proud to launch our new and modern distribution center in cooperation with Agility. We believe we have the best of both worlds, a state-of-the-art warehouse built to meet our standards and requirements provided by Agility, along with the best warehouse equipment provided by our team at KFG. We look forward to a fruitful relationship with Agility from our new facility.”  

Nader Sakeen Amin-Mohammed KFG

Left: Amin Mohammed, Deputy CEO, KFG; Right: Nader Sakeen, CEO of ALP Kuwait and GCC

In Sulaibiya, the ALP features built-up, international-standard warehousing and logistics facilities that serve leading multinationals, government as well as small and medium-sized businesses operating in Kuwait.

The advanced design and layout of ALP’s logistics warehouses give customers the ability to store more goods in less space while also utilizing state-of-the-art technology and systems that ensure smooth management of inventory and flow of goods. The facility is a multiple-temperature warehouse.  ALP tenants are able to use them for storage, distribution. The Sulaibiya warehouse will also house the largest freezer and chiller rooms in Kuwait at nearly 7,000 SQM.

ALP provides its customers with ready-built warehouses; built-to-suit warehouses; shared facilities; and open storage, laydown, and truck and car-staging yards. The logistics park also includes ambient and air-conditioned warehouses; freezers and chillers; concrete paving container-yard storage; and racked warehouses. Agility’s warehouses meet international environmental standards and feature eco-friendly construction materials, using energy-efficient roof and side-insulated panels, wind-driven roof fans, skylights for natural lighting, along with LED and energy-saving light fittings.

Agility donation will fund construction of sensory gym at Kuwait Society for the Handicapped

KUWAIT– June 13, 2021 – Agility, a leading global logistics provider, is partnering with the Kuwait Society for the Handicapped (KSH), the first charitable Society in Kuwait that provides services to children with disabilities from all nationalities at no cost. Through this collaboration, KSH will build the first sensory gym following international standards in Kuwait by the end of 2021.

Agility’s donation will allow KSH to outfit the sensory gym in the “Children’s Rehabilitation Unit” with clinical equipment and furniture designed to improve users’ sense of movement, body positioning, balance and spatial awareness. KSH therapists will be able to guide users through activities intended to increase fine motor skills, strength, flexibility, coordination and body awareness.   

“Sensory gyms are important tools for the rehabilitation and behavior modification of disabled youth and adults, it helps to integrate them into society and change their lives for the better, and we’re pleased to be supporting KSH’s plans to build the sensory gym. Agility is committed to helping KSH as it works to improve the lives of more than 500 children and adults with disabilities in Kuwait,” said Agility CEO, Tarek Sultan.

Workouts and therapy at sensory gyms improve users’ communication skills, increase their attention spans, and improve their physical health. The facilities can accommodate and meet the needs of users with a wide range of ability levels and different stages of disability.  

“The Children’s Rehabilitation Unit renovation is the first step for the KSH to develop integrated rehabilitation services that support children and youth in realizing their potential and participating in their communities. By upgrading and developing our programs and building new facilities, we can provide individualized assessments, treatments, and health education needed for rehabilitation. Agility is giving us the means to do so. This will support hundreds of people, giving them access to the care they need,” KSH, Director General Dr. Elham Al Hamdan said.

Left: Dr. Elham Al Hamdan, Director General, KSH; Right: Tarek Sultan, Agility CEO

Left: Dr. Elham Al Hamdan, Director General, KSH; Right: Tarek Sultan, Agility CEO

KSH is a private charity established in 1971. It was the first charitable Society in Kuwait to provide free services to children with disabilities from all nationalities. KSH was established by devoted volunteers eager to offer services for children with disabilities and to ease the burden on family and caregivers guiding them towards improving the education and rehabilitation of their loved ones with disabilities. And since its establishment, the Society has continued to provide integrated care and services which include comprehensive rehabilitation, psychological, social, and educational services at its headquarter and daycare centers in three locations, Hawally, Jahra, and Ahmadi.

This partnership is part of a long-standing commitment by Agility to empower and benefit Kuwaiti youth. Agility has decade-long partnerships with INJAZ and LOYAC to support entrepreneurship training programs. Agility volunteers have mentored more than 1,500 students over the years in business skills and other educational initiatives through the organizations’ ongoing initiatives. In 2020, Agility continued to support organizations throughout their shift to virtual online training programs.

For more information about Agility sustainability initiatives, please visit: sustainability.agility.com

KUWAIT, 23 May 2021 – Agility, a leading global logistics provider, held today its Extraordinary General Assembly Meeting with a quorum of 75.8%

The company’s shareholders approved the item on the agenda, approving the sale agreement of Agility’s Global Integrated Logistics (GIL) business to DSV Panalpina A/S. The acquisition will be an all-share transaction and closing is expected in the third quarter of 2021. Agility will become the second largest shareholder in DSV with an approximate 8% stake in the combined company.

Tarek Sultan, Agility’s Vice-Chairman, said: “For some years, Agility has made it known that consolidation is a priority for our logistics business. The timing is right to act now: the logistics industry is getting more competitive, DSV and GIL have good complementarity, and this deal will give Agility a stake in one of the largest and most profitable freight forwarding and logistics companies.”

He added: “Agility will be exploring opportunities between DSV and its other businesses, with promising areas of future cooperation potentially including Agility’s Logistics Parks business, Shipa group of companies, and technology ventures. Agility will remain an emerging markets leader, investor in emerging technologies, and champion of sustainable business.”

About Agility

Agility is a global logistics company with $5.3 billion in annual revenue and 26,000 employees in more than 100 countries. It is one of the world’s top freight forwarding and contract logistics providers, and a leader and investor in technology to enhance supply chain efficiency. Agility is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East, Africa and Asia. Agility’s subsidiary companies offer fuel logistics, airport services, commercial real estate and facilities management, customs digitization, and remote infrastructure services. 

For more information about Agility, visit Agility.com
Twitter: twitter.com/agility
LinkedIn: linkedin.com/company/agility
YouTube: youtube.com/user/agilitycorp

Pivotal Phase 3 clinical trial is on track after interim results analysis

DUBAI – May 17, 2021 – Healthcare solutions provider Global Response Aid (GRA) announced that a Phase 3 U.S.-Canada clinical trial of anti-viral Avigan® (Reeqonus™) will continue amid signs the drug could be effective in the treatment of patients with mild to moderate cases of COVID-19.

An independent Data and Safety Monitoring Board (DSMB) recognized by the U.S. Food and Drug Administration has recommended continuation without modification of an ongoing Phase 3 PRESECO (PREventing SEvere COvid-19) trial that is evaluating Avigan® as a potential outpatient oral therapy for patients with mild-to-moderate COVID-19. 

Interim results indicate that Avigan®, the brand name for generic Favipiravir, could shorten recovery times and prevent progression in COVID-19 patients in the early stage of infection. The conclusion of the midterm analysis is that, if current trends continue, the required statistically measured threshold for efficacy can be met at the completion of the study. GRA and study co-sponsors Appili Therapeutics will continue the current PRESECO trial, which is expected to enroll its last patient on June 30.  

The U.S.-Canada PRESECO trial is investigating whether Avigan® can safely and effectively shorten recovery times in early-onset COVID-19 cases and shorten the duration of patient viral loads, lowering the propensity of the virus to spread.

Together with Indian life sciences leader Dr. Reddy’s, Dubai-based GRA owns the rights to manufacture, market and distribute Avigan® outside of Japan ,China and Russia. GRA sponsored the trial in collaboration with Appili Therapeutics, a Canadian biopharmaceutical company specializing in development of drugs for infectious diseases.

Dr. Richard Kaszynski, one of the leading experts on Favipiravir, said: “The efficacy signals and safety profile observed thus far appear encouraging. The implications of this study are global, and it would be prudent to steadfastly maintain the current momentum through full enrollment in order to rapidly determine whether statistically significant endpoints can be achieved. The establishment of an early outpatient treatment that could concomitantly serve as a novel strategy to prevent onward viral transmission is an exciting and noteworthy endeavor.”

Mitch Wilson, CEO of GRA, said: “We are confident we are on track for delivering a home treatment for COVID-19 by summer this year, subject to regulatory approvals. The global rollout of COVID-19 vaccines, while welcome, won’t eliminate the need for effective treatment of infected patients. We know that we will need more in our COVID-fighting arsenal. We know we will need the ability to treat people who get the virus because they haven’t been vaccinated or who become infected despite having received vaccines. Avigan® could be a powerful tool because it is a relatively inexpensive, oral medication that comes in tablet form and can be prescribed early to prevent hospitalization.”

Favipiravir was developed by FujiFilm Toyama Chemical as an anti-viral for novel or re-emerging influenzas. In 2020, GRA and Dr. Reddy’s signed an agreement with FujiFilm Toyama Chemical for global commercialization of the drug outside Japan, China and Russia.

In its branded and generic forms, it has been used to treat more than 400,000 patients. The drug is available in tablet form for outpatient and inpatient use, and is stable and easy to transport without need for refrigeration. It has a shelf life of ten years.

Q1 2021
(Million KD)
Q1 2020
(Million KD)
Variance
(%)
Revenue485.5377.628.6%
Net Revenue133.9127.45.1%
EBIT26.920.531.0%
Net Profit12.69.828.7%
EPS (fils)6.014.6728.7%

Numbers above are rounded

KUWAIT – May 16, 2021Agility, a leading global logistics provider, today reported its first quarter 2021 earnings of 6.01 fils per share on net profit of KD 12.6 million, an increase of 28.7% over the same period in 2020. EBIT increased 31% to KD 26.9 million, and revenue increased 28.6% to KD 485.5 million.

Tarek Sultan, Agility Vice Chairman and CEO, said: “Agility started 2021 on a good note. Agility’s Global Integrated Logistics business performed well, with favourable market conditions as well as cost controls playing an important role. Agility’s Infrastructure companies overall are showing strong signs of recovery from the effects of the global pandemic. These Infrastructure businesses contributed an average of 80% of Agility’s EBIT over the past 5 years.”

Regarding Agility’s recent decision to sell its core commercial logistics business, Sultan said, “Going forward, Agility’s agreement with DSV Panalpina for DSV to acquire Agility’s Global Integrated Logistics business allows us to retain the assets generating the bulk of our operating profit, while taking advantage of the scale, experience, operational excellence and possibilities offered by working with DSV, one of the industry’s top performers. It also creates the flexibility and resources to reposition the company for its next chapter of growth.”

Reporting

For Q1, the GIL numbers are fully consolidated on a line-by-line basis. However, going forward and until the deal closes, the consolidation will be done on a limited basis, as per IFRS 5, that accounts for non-current assets held for sale. GIL numbers will be summarized in the respective statement of the financial statements, rather than broken down on a line-by-line basis.

Board Recommendation

The Board of Directors also discussed and approved a forward looking minimum cash distribution policy recommendation of 20 fils per share and it might include treasury share buyback for the coming three (3) years.

The Board of Directors may at its sole discretion consider recommending additional forms of dividends and/or increasing the above mentioned guidance. As with all such recommendations, the distributions will be subject to the approval of the General Assembly of the Shareholders as well as the concerned authorities at the time of the distribution.

Agility Global Integrated Logistics (GIL)

In Q1, GIL achieved EBIT of KD 16.4 million, a 936.1% increase from same period a year earlier. The increase was driven by favourable market conditions in Freight Forwarding and growth in Contract logistics, along with strong cost controls.

GIL Net Revenue reached KD 77.2 million, up 16.2% from Q1 2020.  The Net Revenue increase was a result of an increase in Freight Forwarding and Contract Logistics Net Revenue.

Air Freight Net Revenue increased as a result of higher volumes, yields and exceptional charter activity driven by current market situation. In Q1 2021, tonnage surged 14.8% over Q1 2020 levels.

The Ocean Freight Net Revenue increase was mainly a result of improved yields. Worldwide effective ocean capacity shrunk as volumes rebounded, particularly in Asia Pacific and Europe.

Q1 Contract Logistics growth came mainly from Asia Pacific (China, Hong Kong, Singapore) and MEA (Saudi Arabia, Dubai and Kuwait), where there was continued strong performance.  Fairs & Events and Projects Logistics, both hurt by the pandemic, saw declines in Net Revenue.

Agility’s Infrastructure Companies

Agility’s Infrastructure group EBIT grew 2.2% to KD 24.7 million for the first quarter of 2021. Infrastructure group gross revenue was flat. Entities within the Infrastructure group are pursuing their growth strategies and have begun to recover from downturns caused by the pandemic. The Infrastructure group remains the main contributor to the group’s profitability. 

Agility Logistics Park (ALP) revenue declined 10.2% in the first quarter due to the loss of revenue from Amghara land in Kuwait.  This decrease was partially offset by an increase in revenue from Saudi operations. ALP continues to see strength in demand for warehousing space. Agility’s development strategy is to increase its land bank across the countries where it operates. ALP’s expansion and development in Africa continues as planned. In the Middle East, Agility’s Logistics Park in Riyadh is almost fully developed; and in Kuwait, ALP is looking to optimize existing assets and will kick-off the Sabah Al Ahmed project development in July.

Tristar, a fully integrated liquid logistics company, posted almost a flat Q1 revenue. However, the company was able to record single-digit profitability growth, mainly due to improved performance in its fuel business. Tristar’s long-standing relationships and repeat business with blue-chip clients have been key enablers of its success.

After a difficult 2020, National Aviation Services (NAS) profitability returned to pre-COVID levels in Q1. Despite a significant drop in flight volumes across its network and a 7% drop in revenue, NAS implemented cost cuts and controls that yielded results. In addition, NAS successfully launched new operations at Baghdad International Airport and introduced several new health service offerings.  Cargo remains a positive part of the business, whilst passenger lounges remain depressed.

United Projects for Aviation Services Company (UPAC) experienced a 38.7% Q1 decline in revenue, primarily due to the cessation of operations at the Kuwait International Airport and the continuation of pandemic-related travel restrictions. UPAC continues to take various measures to reduce the negative impact on its business.  The vaccination program underway in Kuwait is expected to generate renewed air travel and a gradual recovery in air traffic by Q3.

Construction of Abu Dhabi’s Reem Mall is more than 90% complete. Reem Mall will include 2 million square feet of retail, leisure, dining, and entertainment choices. It will feature the region’s first fully integrated omni-channel retail ecosystem with fully enabled digital, e-commerce and logistics capabilities. Reem will be home to the world’s largest snow play park, Snow Abu Dhabi.

At GCS, Agility’s customs modernization company, revenue increased 8.3%. GCS is seeing signs of recovery and increased trade volumes. GCS is examining new customs modernization opportunities and ways of diversifying its income.

Sultan said: “Agility’s Infrastructure companies have been solid, stable performers over the years, with each company pursuing its own growth strategy. Entities impacted by the pandemic are recovering, and each company is continuing to explore growth opportunities. Agility’s long-term vision is to actively pursue growth in emerging markets and new technologies through these businesses and beyond. The DSV transaction will act as a catalyst to accelerate the pace, as well as expand the scope and scale, of investments in that segment”

Recap of Agility Q1 2021 Financial Performance

  • Agility’s Net Profit increased 28.7% to KD 12.6 million. EPS was 6.01 fils vs. 4.67 fils a year earlier.
  • Agility’s EBIT increased 31% to KD 26.9 million.
  • Agility’s Revenue increased 28.6%, to KD 485.5 million and Net Revenue increased 5.1%.
  • GIL Revenue increased 39.6% to KD 379.3 million.
  • Infrastructure’s Revenue came in line with last year’s level at KD 110.6 million.
  • Agility enjoys a healthy balance sheet with KD 2.3 billion in assets. Net Debt was KD 209.4 million as of March 31, 2021. Reported operating cash flow was KD 40.3 million for the first quarter of 2021, an increase of 52.5%.  

Closing

Sultan said: “Agility is committed to maximizing shareholder value. Agility’s investment in DSV in exchange of the GIL business gives Agility an 8% stake in one of the industry’s largest and best-performing logistics companies, while retaining profitable, high-value assets in emerging markets. Agility’s profitable portfolio of Infrastructure companies, including Agility Logistics Parks, our aviation services company, NAS, our fuels logistics company, Tristar, and our trade-enabling Shipa businesses, will continue to grow. At the same time, we will continue investing in new technologies, as well as in digital enablement for the supply chain, while exploring areas of future potential business cooperation between Agility and DSV.”