Agility performing without GIL
The Kuwait-based logistics provider, which sold its global integrated logistics (GIL) division to DSV Panalpina (DSV) in August 2021, witnessed a strong financial year 2021. While revenues went up by 22.1% to KD 486.2 million (almost EUR 1.5 billion), the group's ebitda increased by 13.2% to KD 109 million.
The sale of GIL to DSV was Agility reported a one-time gain of almost KD 1 billion (EUR 3 billion), resulting in a net profit of KD 977.4 million (EUR 2.9 billion).
DSV is now the second-largest shareholder in DSV with an 8% stake. Agility underlined in its report that it "continues to own and operate the businesses that have historically generated 80% of company profits... of these, the five most financially material companies are Agility Logistics Parks, Tristar, National Aviation Services, UPAC and Global Clearinghouse Systems."
Operations in Kuwait, Saudi Arabia and Africa have performed particularly well. The outlook for 2022 is also positive. The company expects its operating results for 2022 to show "a minimum of 20% growth compared to this year." Details as to the financing of Agility’s growth strategy were not disclosed.
In 2022, the company publically reported that it is in discussion regarding the potential acquisition of John Menzies, a major provider of aviation services. (sh)