Agility scores - with and without GIL
Kuwait-headquartered Agility Group has released its results for Q3/2021. Revenues grew by 27.7% to KD 124.5 million (USD 410 million) while ebit increased by 6.6% to KWD 19.6 million (USD 66 million).
For the first nine months of 2021, revenues surged by 17.9% to KWD 344.7 million (USD 1.14 billion) and ebit rose by 26.7% to KWD 59.7 million (USD 198 million). Finally, net profits from continuing operations for the nine months stood at KWD 35.9 million (USD 119 million), an impressive uptick of 45.3%.
For Q3/2021, Agility reported an exceptional gain stemming from the sale of its Global Integrated Logistics unit to DSV in exchange for shares in DSV. The profit from discontinued operations that GIL reported in Q3/2021 was KWD 918.4 million (USD 3.04 billion) and for the nine months was KD 952.8 million (USD 3.15 billion).
Tarek Sultan, Agility vice chairman and CEO: “We still own and operate the businesses that have historically generated 80% of Agility profits. Our stake in DSV has already appreciated 15% since the sale was announced in April." (sh)