Agility Reports $42 Million Net Profit for the First Quarter 2021
Agility, a leading global logistics provider, has reported its first quarter 2021 earnings of 20 cents per share on net profit of $42 million, an increase of 28.7% over the same period in 2020.
EBIT increased 31% to $89 million, and revenue increased 28.6% to $1.6 billion.
Tarek Sultan, Agility Vice Chairman and CEO, said: “Agility started 2021 on a good note. Agility’s Global Integrated Logistics business performed well, with favourable market conditions as well as cost controls playing an important role.
"Agility’s Infrastructure companies overall are showing strong signs of recovery from the effects of the global pandemic. These Infrastructure businesses contributed an average of 80% of Agility’s EBIT over the past 5 years.”
Regarding Agility’s recent decision to sell its core commercial logistics business, Sultan said: “Going forward, Agility’s agreement with DSV Panalpina for DSV to acquire Agility’s Global Integrated Logistics business allows us to retain the assets generating the bulk of our operating profit.
"While taking advantage of the scale, experience, operational excellence and possibilities offered by working with DSV, one of the industry’s top performers. It also creates the flexibility and resources to reposition the company for its next chapter of growth.”
The Board of Directors also discussed and approved a forward looking minimum cash distribution policy recommendation of 20 fils per share and it might include treasury share buyback for the coming three (3) years.
Sultan adds: “Agility’s Infrastructure companies have been solid, stable performers over the years, with each company pursuing its own growth strategy.
"Entities impacted by the pandemic are recovering, and each company is continuing to explore growth opportunities. Agility’s long-term vision is to actively pursue growth in emerging markets and new technologies through these businesses and beyond.
"The DSV transaction will act as a catalyst to accelerate the pace, as well as expand the scope and scale, of investments in that segment.”