Kuwait-based Agility, one of the largest logistics companies in the Middle East and North Africa, reported a sharp rise in 2021 full-year net profit after an exceptional gain from the sale of its GIL logistics unit to Danish company DSV Panalpina, it said.
Net profit attributable to equity holders of the parent company for the period ending December 31 reached 977.4 million Kuwaiti dinars ($3.21 billion), up from 41.57m dinars in the corresponding period in 2020, Agility said in a statement on Saturday.
Revenue for the reporting period rose 22.1 per cent year-on-year to 486.2m dinars. Earnings before interest, taxes, depreciation and amortisation (Ebitda) increased 13.2 per cent to 109m dinars.
“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,” Tarek Sultan, vice chairman of Agility, said.
“We will be looking to accelerate growth in these businesses as they contribute to our core operations and Ebitda.”
Global trade increased an annual 25 per cent in 2021 to a record $28.5 trillion after being battered by the coronavirus pandemic, a report from the UN Conference on Trade and Development said in February. It increased about 13 per cent compared with 2019, the agency said.
During the fourth quarter of last year, trade in goods reached about $5.8tn, a new quarterly record. During the same three-month period, trade in services hit $1.6tn, slightly above pre-pandemic levels.
Agility’s total assets were worth 2.9bn dinars, while net debt stood at 324.4m dinars as of December 31, 2021, the company said.
Its debt levels are expected to increase in line with business growth needs, but Agility “intends to keep borrowing within prudent limits”, Mr Sultan said.
Looking ahead, despite the challenging market conditions and geopolitical risks, we expect performance of our continuing operations to be strong
Tarek Sultan,
vice chairman of Agility
“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 per cent growth compared with 2021,” he added.
In 2021, Agility sold its core logistics business, Global Integrated Logistics (GIL), to DSV, which is the world’s third-largest freight and logistics provider, in exchange for 19.3 million shares in DSV. Agility reported a one-time gain of about 1bn dinars and is now the second-largest shareholder in DSV with an 8 per cent stake.
Agility’s board plans to distribute cash dividends of a minimum of 20 fils a share for the years 2021, 2022 and 2023, starting with payout in 2022, the statement said.
For 2021, the board has recommended a cash dividend distribution of 20 fils a share in addition to 20 per cent bonus shares (20 shares for every 100 shares).
The cash and stock dividends are subject to approval by the general assembly, Agility said.
Agility Logistics Parks’ revenue in 2021 was in line with 2020 results, driven by increased demand for warehousing facilities in the Middle East, Africa and South Asia in the face of supply chain disruption, it said.
United Projects for Aviation Services Company, an Agility unit that provides facilities management services, reported a 14 per cent increase in revenue, driven by a rebound in airport-related services and parking following the phased reopening of Kuwait International Airport in the third quarter of 2021.
At Global Clearinghouse Systems, Agility’s customs modernisation company, revenue increased 32.1 per cent in 2021, driven by higher trade volumes.
Meanwhile, Tristar, a liquid logistics company, posted a 16.5 per cent increase in revenue for 2021 on a strong recovery in international oil prices and favourable dry bulk charter rates.
National Aviation Services (NAS), a Kuwait-based airport services and ground-handling company owned and backed by Agility, reported a 65.4 per cent growth in revenue last year, driven by a broad recovery in commercial aviation as flights, passengers and cargo volumes grew.
In addition, NAS added operations in Congo, South Africa, Iraq and Kenya.
Agility acquired a 13.2 per cent share in UK-based aviation company John Menzies, the holding company of Menzies Aviation, for £73.4m ($100m) last month.
This is expected to complement the operations of Nas, which is present in more than 55 airports in the Middle East, Africa and South Asia, and manages more than 50 airport lounges.
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Crazy Rich Asians
Director: Jon M Chu
Starring: Constance Wu, Henry Golding, Michelle Yeon, Gemma Chan
Four stars
PSG's line up
GK: Alphonse Areola (youth academy)
Defence - RB: Dani Alves (free transfer); CB: Marquinhos (€31.4 million); CB: Thiago Silva (€42m); LB: Layvin Kurzawa (€23m)
Midfield - Angel di Maria (€47m); Adrien Rabiot (youth academy); Marco Verratti (€12m)
Forwards - Neymar (€222m); Edinson Cavani (€63m); Kylian Mbappe (initial: loan; to buy: €180m)
Total cost: €440.4m (€620.4m if Mbappe makes permanent move)
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Ruwais timeline
1971 Abu Dhabi National Oil Company established
1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants
1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed
1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.
1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex
2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea
2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd
2014 Ruwais 261-outlet shopping mall opens
2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies
2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export
2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.
2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery
2018 NMC Healthcare selected to manage operations of Ruwais Hospital
2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13
Source: The National
UAE currency: the story behind the money in your pockets
Things Heard & Seen
Directed by: Shari Springer Berman, Robert Pulcini
Starring: Amanda Seyfried, James Norton
2/5
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
Iraq negotiating over Iran sanctions impact
- US sanctions on Iran’s energy industry and exports took effect on Monday, November 5.
- Washington issued formal waivers to eight buyers of Iranian oil, allowing them to continue limited imports. Iraq did not receive a waiver.
- Iraq’s government is cooperating with the US to contain Iranian influence in the country, and increased Iraqi oil production is helping to make up for Iranian crude that sanctions are blocking from markets, US officials say.
- Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, pumped last month at a record 4.78 million barrels a day, former Oil Minister Jabbar Al-Luaibi said on Oct. 20. Iraq exported 3.83 million barrels a day last month, according to tanker tracking and data from port agents.
- Iraq has been working to restore production at its northern Kirkuk oil field. Kirkuk could add 200,000 barrels a day of oil to Iraq’s total output, Hook said.
- The country stopped trucking Kirkuk oil to Iran about three weeks ago, in line with U.S. sanctions, according to four people with knowledge of the matter who asked not to be identified because they aren’t allowed to speak to media.
- Oil exports from Iran, OPEC’s third-largest supplier, have slumped since President Donald Trump announced in May that he’d reimpose sanctions. Iran shipped about 1.76 million barrels a day in October out of 3.42 million in total production, data compiled by Bloomberg show.
- Benchmark Brent crude fell 47 cents to $72.70 a barrel in London trading at 7:26 a.m. local time. U.S. West Texas Intermediate was 25 cents lower at $62.85 a barrel in New York. WTI held near the lowest level in seven months as concerns of a tightening market eased after the U.S. granted its waivers to buyers of Iranian crude.
The%20specs
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%202-litre%204-cylinder%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E153hp%20at%206%2C000rpm%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E200Nm%20at%204%2C000rpm%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E6-speed%20auto%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E6.3L%2F100km%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EDh106%2C900%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%3C%2Fp%3E%0A
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Teri%20Baaton%20Mein%20Aisa%20Uljha%20Jiya
%3Cp%3E%3Cstrong%3EDirectors%3A%3C%2Fstrong%3E%20Amit%20Joshi%20and%20Aradhana%20Sah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECast%3A%3C%2Fstrong%3E%20Shahid%20Kapoor%2C%20Kriti%20Sanon%2C%20Dharmendra%2C%20Dimple%20Kapadia%2C%20Rakesh%20Bedi%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Brief scores:
Toss: Kerala Knights, opted to fielf
Pakhtoons 109-5 (10 ov)
Fletcher 32; Lamichhane 3-17
Kerala Knights 110-2 (7.5 ov)
Morgan 46 not out, Stirling 40
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
More from Rashmee Roshan Lall
Director: Romany Saad
Starring: Mirfat Amin, Boumi Fouad and Tariq Al Ibyari
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
