Kuwaiti logistic firm Agility confident business will rebound in 2021

The company saw its profit halve in the first nine months of the year to $103mln

  
Image used for illustrative purpose. Sunset over Marina Crescent, Kuwait City.

Image used for illustrative purpose. Sunset over Marina Crescent, Kuwait City.

Getty Images/Emad Aljumah

DUBAI - Kuwaiti logistic firm Agility expects its business to rebound next year as more units come back online after the pandemic and is in talks with drugmakers about transporting COVID-19 vaccines, its vice chairman told Reuters.

Tarek Sultan said the company was in a relatively good position despite the impact of the pandemic, which has forced some of its businesses such as airport services to temporarily close.

"We are very bullish looking into 2021. We believe that there is going to be significant uptick in opportunity ... many different sectors of the business will start to recover," Sultan said in an interview conducted online on Monday.

The company saw its profit halve in the first nine months of the year to 31.5 million dinar ($103 million), while revenue was flat at 1.17 billion dinar.

Sultan said he expected Agility to be involved in transporting vaccines but did not disclose which pharmaceutical companies it was in talks with.

Dubai logistics firm Tristar, partly owned by Agility, expects to make a decision on its listing by the second quarter of 2021, he said, adding that it was getting the regulatory requirements for a listing in the Middle East but could list elsewhere.

Tristar is considering an initial public offering in Dubai after earlier looking at London, sources told Reuters in July. 

"... (We will) ultimately make a decision that is best for the stakeholders of Tristar," Sultan said.

($1 = 0.3056 Kuwaiti dinars)

(Reporting by Alexander Cornwell; Editing by Susan Fenton) ((Alexander.Cornwell@thomsonreuters.com;))

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