Double strike for Agility
Kuwait-headquartered Agility has now finalised the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina. It also reports good figures for Q2/2021. The group's revenues grew by 26.6% to KWD 112.2 million (USD 373 million) and net profit amounted to KWD 38.6 million (USD 128.35 million).
For the first six months of 2021 in total, revenues grew by 13% to KWD 220.2 million (USD 732.2 million) and net profit of KWD 51.2 million (USD 170.3 million). On Agility’s profit and loss (P&L) statement, GIL is recorded as income from discontinued operations.
Once the transaction has been fully completed, Agility’s investment in DSV will be reported as per IFRS 9 as a “financial asset at fair value”.
National Aviation Services (NAS) revenue recorded 131.9% growth in Q2/2021 and the United Projects for Aviation Services Company (UPAC) saw a 238.3% increase in revenue for Q2/2021 compared with the same period in 2020. The company anticipates air traffic to pick up by Q3/2021. (sh)