Agility has 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.”

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 Ship 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.”