Kuwait's Agility, one of the biggest logistics companies in the Middle East and North Africa, has reported a 93 per cent drop in annual profit in a challenging economic environment.
Net profit to the 12 months ended December fell to 68 million Kuwaiti dinars ($221.6 million) from 977.4 million dinars in 2021, the company said on Saturday.
Net revenue for the period rose more than 83 per cent to 473.3 million dinars, from 251.4 million dinars a year earlier.
Net profit from continuing operations was up more than 180 per cent to 68 million dinars, from 24.2 million dinars in 2021, while discontinued operations contributed 953.2 million dinars.
Earnings before interest, taxes, depreciation and amortisation rose 65.7 per cent to 180.5 million dinars, from 109 million dinars in the previous year.
The company's earnings per share surged nearly 180 per cent annually to 26.83 fils, from 9.6 fils.
Agility had a “strong” 2022, marked by two major acquisitions — UK-based aviation companies John Menzies and HG Storage International — which are “reshaping the company and creating new opportunities”, Tarek Sultan, vice chairman of Agility, said in the statement.
“But like all businesses, we face global economic uncertainty in 2023, as well as uncertainty regarding government land lease policy in Kuwait,” he said.
Shares of Sulaibiya-based Agility were up 1.47 per cent, or 62 fils, at the close of trading on Thursday on the Kuwait Stock Exchange.
Agility acquired John Menzies for £763 million ($921.5 million) in August, merging its subsidiary National Aviation Services (NAS) with the British company to create the world's biggest aviation services provider.
In March last year, Agility acquired a 51 per cent stake in HG Storage International for 65 million dinars in a deal aimed at expanding its global portfolio. HG International, a joint venture between HNA Group and Glencore Group, was acquired by Agility's UAE subsidiary Tristar.
“Agility’s acquisition of Menzies and Tristar’s acquisition of HG Storage helped us accelerate growth, expand our geographic reach and increase our exposure to sectors that have strong future growth potential,” Mr Sultan said.
The aviation industry's growth was affected by the coronavirus-induced slowdown but has since recovered as restrictions and flight bans caused by the health crisis ended.
The value of the global airport services market is projected to nearly triple to more than $290.2 billion by 2029, from an estimated $98 billion in 2022, at a compound annual rate of about 17 per cent, latest data from Fortune Business Insights said.
Agility's aviation services unit reported revenue of 294 million dinars, which includes the full-year performance of NAS and five months of Menzies’ results, and Ebitda of 41.5 million dinars in 2022.
It’s important to emphasise that we take a long-term view in value creation ... we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term
Tarek Sultan,
vice chairman of Agility
Growth in the company's ground handling operations was fuelled by the revival of air travel, but was slightly offset by a reduction in revenue from Covid-related services provided mainly in Kuwait, it said.
Full-year revenue at Tristar rose more than 60 per cent annually to 252.9 million dinars, while Ebitda climbed 39 per cent to 53.1 million dinars, with the maritime and fuel farms units delivering the highest growth.
Aside from the HG Storage acquisition, Tristar was driven by the renewal of two large long-term peacekeeping contracts, making Tristar the United Nations' leading supplier, and the growing maritime business.
“It’s important to emphasise that we take a long-term view in value creation,” Mr Sultan said.
“On the investments side, stock market volatility affected our holdings, but we look beyond daily share price movements to the strategic value, growth and returns we believe our investments will deliver for our shareholder over the long-term.”
SHAITTAN
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Singham Again
Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
'Doctor Strange in the Multiverse Of Madness'
Director: Sam Raimi
Cast: Benedict Cumberbatch, Elizabeth Olsen, Chiwetel Ejiofor, Benedict Wong, Xochitl Gomez, Michael Stuhlbarg and Rachel McAdams
Rating: 3/5
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
The%20specs%20
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The biog
DOB: March 13, 1987
Place of birth: Jeddah, Saudi Arabia but lived in Virginia in the US and raised in Lebanon
School: ACS in Lebanon
University: BSA in Graphic Design at the American University of Beirut
MSA in Design Entrepreneurship at the School of Visual Arts in New York City
Nationality: Lebanese
Status: Single
Favourite thing to do: I really enjoy cycling, I was a participant in Cycling for Gaza for the second time this year
ICC T20 Rankings
1. India - 270 ranking points
2. England - 265 points
3. Pakistan - 261 points
4. South Africa - 253 points
5. Australia - 251 points
6. New Zealand - 250 points
7. West Indies - 240 points
8. Bangladesh - 233 points
9. Sri Lanka - 230 points
10. Afghanistan - 226 points
Fresh faces in UAE side
Khalifa Mubarak (24) An accomplished centre-back, the Al Nasr defender’s progress has been hampered in the past by injury. With not many options in central defence, he would bolster what can be a problem area.
Ali Salmeen (22) Has been superb at the heart of Al Wasl’s midfield these past two seasons, with the Dubai club flourishing under manager Rodolfo Arrubarrena. Would add workrate and composure to the centre of the park.
Mohammed Jamal (23) Enjoyed a stellar 2016/17 Arabian Gulf League campaign, proving integral to Al Jazira as the capital club sealed the championship for only a second time. A tenacious and disciplined central midfielder.
Khalfan Mubarak (22) One of the most exciting players in the UAE, the Al Jazira playmaker has been likened in style to Omar Abdulrahman. Has minimal international experience already, but there should be much more to come.
Jassim Yaqoub (20) Another incredibly exciting prospect, the Al Nasr winger is becoming a regular contributor at club level. Pacey, direct and with an eye for goal, he would provide the team’s attack an extra dimension.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
UAE currency: the story behind the money in your pockets
The results of the first round are as follows:
Qais Saied (Independent): 18.4 per cent
Nabil Karoui (Qalb Tounes): 15.58 per cent
Abdelfattah Mourou (Ennahdha party): 12.88 per cent
Abdelkarim Zbidi (two-time defence minister backed by Nidaa Tounes party): 10.7 per cent
Youssef Chahed (former prime minister, leader of Long Live Tunisia): 7.3 per cent
Company%20profile
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Gender equality in the workplace still 200 years away
It will take centuries to achieve gender parity in workplaces around the globe, according to a December report from the World Economic Forum.
The WEF study said there had been some improvements in wage equality in 2018 compared to 2017, when the global gender gap widened for the first time in a decade.
But it warned that these were offset by declining representation of women in politics, coupled with greater inequality in their access to health and education.
At current rates, the global gender gap across a range of areas will not close for another 108 years, while it is expected to take 202 years to close the workplace gap, WEF found.
The Geneva-based organisation's annual report tracked disparities between the sexes in 149 countries across four areas: education, health, economic opportunity and political empowerment.
After years of advances in education, health and political representation, women registered setbacks in all three areas this year, WEF said.
Only in the area of economic opportunity did the gender gap narrow somewhat, although there is not much to celebrate, with the global wage gap narrowing to nearly 51 per cent.
And the number of women in leadership roles has risen to 34 per cent globally, WEF said.
At the same time, the report showed there are now proportionately fewer women than men participating in the workforce, suggesting that automation is having a disproportionate impact on jobs traditionally performed by women.
And women are significantly under-represented in growing areas of employment that require science, technology, engineering and mathematics skills, WEF said.
* Agence France Presse
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Superpower%20
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Results
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LIVERPOOL%20TOP%20SCORERS
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Company%20profile
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Company%20Profile
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