Kuwait logistics major Agility company CEO says sale of commercial logistics business to DSV Panalpina will give company more flexibility going forward.
Kuwait , Kuwait
18 May 2021, 12:00 AM
31 May 2021, 12:00 AM
Kuwait-based logistics major Agility’s long-term vision is to actively pursue growth in emerging markets and new technologies with the DSV Panalpina transaction acting as a "catalyst to accelerate the pace".
Agility has announced a 28.7 percent jump in first quarter net profit to KD12.6 million, while revenue increased 28.6 percent to KD485.5 million.
Tarek Sultan, Agility vice chairman and CEO, said the company's recent decision to sell its core commercial logistics business to DSV Panalpina would give it more flexibility going forward.
Net revenue reached KD77.2 million, up 16.2 percent from Q1 2020 as a result of an increase in Freight Forwarding and Contract Logistics Net Revenue.
Agility’s Infrastructure group remained the main contributor to the group’s profitability with entities beginning to recover from downturns caused by the pandemic, the company said.