May 30, 2023

Dubai Week

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Profits at Kuwait's Agility fell 58 percent in the second quarter

Profits at Kuwait’s Agility fell 58 percent in the second quarter

The company said in a statement to the Kuwait Stock ExchangeOn Sunday, its half-year net profit fell 43.7 percent to 28.82 million dinars in the first six months of 2022, compared to 51.211 million dinars in the corresponding period of 2021.

The company attributed the decrease in profit to the inclusion of results from discontinued operations in the comparative year, “AgilityIt sold its logistics division in August 2021, so data for this division is included in Agility’s total data to date.

“Continuing business net profit increased by two per cent in the second quarter of 2022,” the report added.

Agility was established in 1979 and operates in providing, setting up, managing and leasing warehousing in all its forms, storage of goods in or out of customs zones, as well as forwarding and transportation of goods and is one of the largest providers. Logistics Services of the World, according to its website.

Agility said last week it had signed 1.4 billion euros ($1.42 billion) worth of new financial facility agreements and expected to enter into 400 million euros worth of new facilities in the coming weeks to replace existing ones.

The company explained that the facilities will be used to finance its growth plans, including long-term financing for the acquisition of British company John Menzies.

“Agility” said two weeks ago that it has completed all procedures for the acquisition of the British company “John Menzies” worth 285 million Kuwaiti dinars (763 million pounds).

Agility added that it will merge John Menzies’ operations with National Aviation Services (NAS).

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