The Kuwait-based logistics group, Agility, achieved a net profit of KD 977 million (US$3.2 billion) in 2021, 2,250 per cent more than in 2020. Revenues were up by 22 per cent at KD 486.2 million (US$ 1.6 billion) while EBITDA performance was KD109 million (US$385.5 million).
In 2021, Agility sold its core commercial logistics business, Global Integrated Logistics (GIL), to DSV, the world’s third-largest freight and logistics provider, in exchange for 19.3 million shares in DSV. As a result Agility reported a one-time gain of almost KD 1 billion and is now the second-largest shareholder in DSV with an 8% stake.
Of businesses controlled by Agility, Agility Logistics Parks (ALP) benefitted from increased demand for warehousing facilities as companies and government entities continued to store more goods in the face of ongoing supply chain disruption. Demand for warehousing space continues to grow in the MEA and South Asia regions where ALP operates. In 2021, ALP added roughly 150,000 m2 of built-up storage area with operations in Kuwait, Saudi Arabia and Africa performing well. Currently ALP is looking at new markets for additional growth.
Tristar, a liquid logistics company, posted a 16.5% increase in revenue for the 2021 over 2020. Profitability more than doubled driven by strong recovery in international oil prices, and favourable dry bulk charter rates in the Maritime segment. Tristar expects another year of growth in 2022.