Kuwait-based Agility, one of the largest logistics companies in the Middle East and North Africa, announced a sharp increase in net profit for the year 2021 after a bumper gain from the sale of its unit GIL logistics to Danish company DSV Panalpina, he said. .

Net profit attributable to shareholders of the parent company for the period ended December 31 reached 977.4 million Kuwaiti dinars (3.21 billion dollars), compared to 41.57 million dinars for the corresponding period in 2020, Agility said in a statement Saturday.

Revenue for the reporting period increased 22.1% year-on-year to 486.2 million dinars. Earnings before interest, taxes, depreciation and amortization (Ebitda) increased by 13.2% to 109 million dinars.

“Agility’s performance in 2021 has been outstanding. In addition to a significant one-time gain from the sale of GIL, our business portfolio performed well, returning to pre-Covid levels of profitability,” said Tarek Sultan, Vice President of Agility.

“We will seek to accelerate the growth of these businesses as they contribute to our core businesses and our Ebitda.”

Global trade grew 25% a year in 2021 to a record $28.5 trillion after being battered by the coronavirus pandemic, according to a report by the United Nations Conference on Trade and Development in February . It was up about 13% from 2019, the agency said.

During the fourth quarter of last year, merchandise trade reached about $5.8 billion, a new quarterly record. During the same three-month period, trade in services reached $1.6 billion, slightly above pre-pandemic levels.

Agility’s total assets stood at 2.9 billion dinars, while net debt stood at 324.4 million dinars as of December 31, 2021, the company said.

Its debt level is expected to increase based on business growth needs, but Agility “intends to keep borrowing within prudent limits,” Sultan said.

Looking ahead, despite challenging market conditions and geopolitical risks, we expect our continuing business performance to be strong.

Tarek Sultan, Vice President of Agility

“Looking forward, despite challenging market conditions and geopolitical risks, we expect our continuing business performance to be strong and our operating results for 2022 to show a minimum growth of 20% compared to 2021,” he added.

In 2021, Agility sold its core logistics business, Global Integrated Logistics (GIL), to DSV, which is the world’s third-largest freight and logistics provider, in exchange for 19.3 million shares in DSV. Agility recorded a one-time gain of around 1 billion dinars and is now DSV’s second largest shareholder with an 8% stake.

Agility’s board of directors plans to distribute cash dividends of a minimum of 20 fils per share for the years 2021, 2022 and 2023, beginning with a payment in 2022, the statement said.

For 2021, the board has recommended a cash dividend distribution of 20 fils per share in addition to 20% free shares (20 shares for every 100 shares).

Cash and stock dividends are subject to approval by the general meeting, Agility said.

Agility Logistics Parks revenues in 2021 were in line with 2020 results, driven by increased demand for warehousing facilities in the Middle East, Africa and South Asia in the face of supply chain disruption, did he declare.

United Projects for Aviation Services Company, a unit of Agility that provides facility management services, reported a 14% increase in revenue, driven by a rebound in airport-related services and parking after the phased reopening from Kuwait International Airport in the third quarter of 2021. .

At Global Clearinghouse Systems, Agility’s customs modernization company, revenue grew 32.1% in 2021, driven by higher trading volumes.

Meanwhile, Tristar, a liquid logistics company, reported a 16.5% increase in revenue for 2021 thanks to a strong recovery in international oil prices and favorable dry bulk charter rates.

National Aviation Services (NAS), a Kuwait-based airport services and ground handling company owned and backed by Agility, posted 65.4% revenue growth last year, driven by a broad recovery of commercial aviation as flight, passenger and cargo volumes grew.

Additionally, NAS has added operations in Congo, South Africa, Iraq and Kenya.

Agility acquired a 13.2% stake in British aviation company John Menzies, the holding company of Menzies Aviation, for £73.4 million ($100 million) last month.

This should complement the operations of Nas, which is present in more than 55 airports in the Middle East, Africa and South Asia, and manages more than 50 airport lounges.

Updated: March 26, 2022, 12:33 p.m.