T + NS – normal size
Agility, the leading company in investments, innovations and supply chain services, today announced its financial results for the third quarter of 2021, achieving a net profit of 926.9 million Kuwaiti dinars, an increase of 5,952.4%, equivalent to 440.34 fils per share, compared to the same period last year. Profits before interest and taxes amounted to 19.6 million Kuwaiti dinars, an increase of 6.6%, and revenues 124.5 million Kuwaiti dinars, an increase of 27.7%. Agility’s profit from continuing operations amounted to KD 12.7 million, an increase of 17.1%, if we exclude the impact of revaluation of financial assets carried at fair value through profit and loss.
In the first nine months of the year, the company achieved net profits of 978.1 million Kuwaiti dinars, an increase of 3,002.7%, or 464.67 fils per share. Profits before interest and taxes amounted to 59.7 million Kuwaiti dinars in the nine months, an increase of 26.7%, and revenues of 344.7 million Kuwaiti dinars, an increase of 17.9%. Agility achieved profits from continuing operations of 35.9 million Kuwaiti dinars, an increase of 45.3% in the first nine months of the year, if we exclude the impact of revaluation of financial assets carried at fair value through profit and loss.
Agility results from DE Deal. AC. in DSV
Agility posted exceptional profit in the third quarter as a result of the sale of its global integrated logistics business to D.C. AC. The profit from discontinued operations was KD 918.4 million in the third quarter and KD 952.8 million in the first nine months of the year.
In this regard, Tariq Sultan, Vice Chairman and CEO of Agility, said: “We have always worked to maximize value for our shareholders as we have grown 50-fold with an internal rate of return of 25% since the company was privatized in 1997. Over the past decade alone, we have achieved an IRR of 25%. Internal return for our shareholders by 24% and we increased the value by 5 times; This made us achieve a return to shareholders that exceeds the average internal return of companies listed in the first Kuwaiti market by 2.6 times.”
Sultan added: “We believe that the next stage will be one of the best stages for Agility. We continue to maintain our operating business, which historically contributed 80% of the company’s profits, even before the sale of global integrated logistics. The value of our shares in D. AC. Our DSV has increased by 15% since the time the deal was announced last April, and this investment is expected to generate annual cash returns of approximately $200 million in cash dividends and the potential to participate in D’s stock purchase program. AC. in the DSV. We look forward to investing in high-growth markets, industries and technologies.”
Last August, Agility completed the sale of GIL to D.G. AC. in DSV for an 8% stake in D.V. AC. in DSV (19.3 million shares of common stock). As a result of this transaction, Agility became the second largest shareholder in D. AC. At DSV, the world’s third largest shipping company.
In this regard, Sultan said: “Through our establishment of the logistics sector, we have made it clear that we have a unique vision and a real ability to transform this vision into a successful global business that brings value to our shareholders. de acquisition. AC. The DSV on Integrated Global Logistics underscores Agility’s ability to build and grow such a business on a global level. This transaction has already generated returns for Agility shareholders. Strategically, this investment also allows Agility to maintain global reach and access to the most attractive and growing markets for the supply chain sector.”
It is worth noting that the value of Agility’s shares will be listed in D. AC. In the DSV on the balance sheet under IFRS 9 as a financial asset at FVTOCI rather than the GIL logistics value. The difference between the value of GIL Logistics and the fair value of Agility’s shares in D.C. was recorded. AC. in a. DSV on the date of completion of the transaction is a one-time non-cash gain as a result of the sale of these discontinued operations.
Follow the economic statement via Google News
These were the details of the news 926.9 million dinars, net profit of Agility for the third quarter... for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.