Kuwait-based Agility, one of the largest logistics firms in the Middle East and North Africa, reported a 503.7 per cent surge in net profit in the second quarter, amid a broader recovery in the regional and global economies.
Net profit for the three months ending June 30 grew to 38.6 million Kuwaiti dinars ($128.2m), up from KD6.4m in the same period last year.
Revenue increased 26.6 per cent to reach KD112.2m ($373m).
“We’re proud of how we’ve been able to respond and recover from the challenges of the Covid-19 pandemic,” Agility chief executive and vice-chairman Tarek Sultan said.
The global logistics sector is recovering from the debilitating impact of the Covid-19 pandemic, which disrupted trade and supply chains worldwide. With Covid-19 related restrictions being eased and forecasts for the global economy being revised upwards, the logistics industry is set for growth.
Agility is also working on a deal to sell its Global Integrated Logistics to DSV Panalpina in exchange for 19.3 million shares in the Danish transport and logistics company.
“We see this transaction as a catalyst for Agility’s future growth. Agility will continue to grow its high-value business in emerging market and continue to invest in companies and technologies reshaping global supply chains,” Mr Sultan said.
In the second quarter, GIL's revenue rose 33 per cent due to “favourable market conditions” in freight forwarding and growth in contract logistics.
Following completion of the transaction, Agility's investment in DSV will be reported on the basis of International Financial Reporting Standard 9 as “financial asset fair value".
Agility's profit in the second quarter was largely supported by the performance of its core infrastructure assets. The subsector typically contributes to 80 per cent of the company's earnings before interest and tax.
“Infrastructure entities have seen solid performance over the years. Agility will continue to explore growth opportunities for these businesses moving forward,” the company said in a statement.
Agility's aviation subsidiaries National Aviation Services and United Projects for Aviation Services Company reported revenue growth of almost 132 per cent and 238.3 per cent, respectively, for the second quarter.
NAS's performance was supported by a full recovery to pre-Covid levels due to an increase in flights to destinations such as Kuwait, Cote d’Ivoire, Uganda and Iraq.
The increase in flights and significant cost reductions helped the company improve margins. The company also benefited from profitable routes, such as the Democratic Republic of the Congo and Iraq.
Meanwhile, UPAC benefited from a low baseline. The company's second-quarter revenue in 2020 was severely affected by the three-month rental waiver for its airport mall tenants due to the coronavirus lockdown imposed in Kuwait.
The company sees gradual recovery in operations and air traffic by the third quarter of 2021, helped by Kuwait's vaccination programme.
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What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Director: Jon Favreau
Starring: Donald Glover, Seth Rogen, John Oliver
Rating: 2 out of 5 stars
RESULTS
Manchester United 2
Anthony Martial 30'
Scott McTominay 90 6'
Manchester City 0
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
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The five pillars of Islam
Tonight's Chat on The National
Tonight's Chat is a series of online conversations on The National. The series features a diverse range of celebrities, politicians and business leaders from around the Arab world.
Tonight’s Chat host Ricardo Karam is a renowned author and broadcaster who has previously interviewed Bill Gates, Carlos Ghosn, Andre Agassi and the late Zaha Hadid, among others.
Intellectually curious and thought-provoking, Tonight’s Chat moves the conversation forward.
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Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Global state-owned investor ranking by size
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China
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UAE
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Norway
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ESSENTIALS
The flights
Emirates flies direct from Dubai to Rio de Janeiro from Dh7,000 return including taxes. Avianca fliles from Rio to Cusco via Lima from $399 (Dhxx) return including taxes.
The trip
From US$1,830 per deluxe cabin, twin share, for the one-night Spirit of the Water itinerary and US$4,630 per deluxe cabin for the Peruvian Highlands itinerary, inclusive of meals, and beverages. Surcharges apply for some excursions.
Company profile
Name: GiftBag.ae
Based: Dubai
Founded: 2011
Number of employees: 4
Sector: E-commerce
Funding: Self-funded to date
Scotland v Ireland:
Scotland (15-1): Stuart Hogg; Tommy Seymour, Huw Jones, Sam Johnson, Sean Maitland; Finn Russell, Greig Laidlaw (capt); Josh Strauss, James Ritchie, Ryan Wilson; Jonny Gray, Grant Gilchrist; Simon Berghan, Stuart McInally, Allan Dell
Replacements: Fraser Brown, Jamie Bhatti, D'arcy Rae, Ben Toolis, Rob Harley, Ali Price, Pete Horne, Blair Kinghorn
Coach: Gregor Townsend (SCO)
Ireland (15-1): Rob Kearney; Keith Earls, Chris Farrell, Bundee Aki, Jacob Stockdale; Jonathan Sexton, Conor Murray; Jack Conan, Sean O'Brien, Peter O'Mahony; James Ryan, Quinn Roux; Tadhg Furlong, Rory Best (capt), Cian Healy
Replacements: Sean Cronin, Dave Kilcoyne, Andrew Porter, Ultan Dillane, Josh van der Flier, John Cooney, Joey Carbery, Jordan Larmour
Coach: Joe Schmidt (NZL)
England's Ashes squad
Joe Root (captain), Moeen Ali, Jimmy Anderson, Jofra Archer, Jonny Bairstow, Stuart Broad, Rory Burns, Jos Buttler, Sam Curran, Joe Denly, Jason Roy, Ben Stokes, Olly Stone, Chris Woakes.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
