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Kuwaiti logistics firm Agility posted a net profit of 38.6 million dinars ($128 million) for the second quarter of 2021, up by 503.7 percent over a year ago.
With the surge in Q2 earnings, the company’s net profit went up to 51.2 million for the first six months of the year, representing a 215.9 percent increase from the same period in 2020.
The positive performance was achieved after all of Agility’s largest assets posted strong profitability levels that were at or above pre-pandemic levels in 2019.
“We’re proud of how we’ve been able to respond and recover from the challenges of the COVID-19 pandemic,” said Tarek Sultan, Agility vice chairman and CEO.
The company also noted that it is working to wrap up the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina A/S (DSV) for 19.3 million shares. The deal it expected to further boost the company’s growth.
“We see this transaction as a catalyst for Agility’s future growth. Agility will continue to grow its high-value business in emerging markets and continue to invest in companies and technologies reshaping global supply chains,” Sultan said.
Last April, DSV Panalpina signed an agreement to acquire GIL, Agility’s global logistics division, in an all-share transaction by issuing more than 19.3 million shares to the Kuwaiti firm.
For 2020, GIL posted a revenue of $4 billion, of which around 80 percent is related to air and ocean freight, according to a previous statement.
(Writing by Cleofe Maceda; editing by Daniel Luiz)
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© ZAWYA 2021
