Agility reports KD38.6 million net profit in Q2

Agility on Saturday reported second quarter 2021 earnings of 18.32 fils per share on net profit of KD38.6 million, an increase of 503.7 per cent over the same period in 2020. EBIT increased 202.6 per cent to KD29.6 million, and revenue grew 26.6 per cent to KD112.2 million.

For the first 6 months of 2021, earnings were 24.33 fils per share on net profit of KD51.2 million, an increase of 215.9 per cent over the same period in 2020. EBIT increased 39.6 per cent to KD40.1 million, and revenue grew 13 per cent to KD220.2 million.

All of Agility’s largest businesses reported Q2 growth and 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.

Agility is working to finalise the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina A/S (DSV), in exchange for 19.3 million shares in DSV.

“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.

“After the deal with DSV closes, a new chapter of Agility’s story will be begin. We will continue to grow our existing businesses, which have proved to be solid and stable performers over the years, and we will invest in companies, technologies, and digital initiatives that are reshaping our industry. We are proud of the fact that we have increased shareholder value by more than five times over the last decade, and we remain committed to growing shareholder value in years to come,” Sultan added.

— business@khaleejtimes.com