Agility reported a net profit of KWD977.4 million (USD3.21 billion) in 2021. Compared to 2020, EBITDA increased by 13.2 percent to KWD109 million (USD357 million) and revenue grew by 22.1 percent to KWD486.2 million (USD1.6 billion).
In 2021 Agility sold its core commercial logistics business, Global Integrated Logistics (GIL), to Denmark’s DSV in exchange for 19.3 million shares in the company. As a result, Agility recorded a one-time gain of almost KWD1 billion (USD3.28 billion).
Agility vice chairman Tarek Sultan said: “Agility’s 2021 performance was exceptional. In addition to a significant one-time gain from the GIL sale, our portfolio of businesses performed well, returning to pre-covid profitability levels. We will be looking to accelerate growth in these businesses as they contribute to our core operations and EBITDA. The DSV transaction and the sale of GIL fundamentally changed the structure of the company and reset the baseline for the continuing operations.
“Like most companies, Agility was adversely affected by the covid pandemic in 2020 and 2021. Looking ahead, despite the challenging market conditions and geopolitical risks, we expect performance of our continuing operations to be strong, and expect our operating results for 2022 to show a minimum of 20 percent growth compared to this year.”
Moving forward, Agility’s business profile can be divided into two segments: controlled and non-controlled businesses. The controlled businesses include Agility Logistics Parks, Tristar, National Aviation Services, UPAC, and Global Clearinghouse Systems. The non-controlled segment covers Agility’s minority stakes in businesses through investments; the stake in DSV represents the largest of those investments.