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Agility records 29% higher profits in Q1-21

Agility records 29% higher profits in Q1-21
The company generated revenues of KWD 485.518 million
Agility
AGLTY
7.42% 666.00 46.00

Mubasher: The net profits attributable to the equity holders of Agility Public Warehousing rose by 28.7% to KWD 12.641 million in the first quarter (Q1) of 2021 from KWD 9.82 million in the same quarter of 2020, according to the company's interim consolidated financials for the three-month ended 31 March 2021.

The company generated revenues of KWD 485.518 million in the first three months of 2021, up 28.6% from KWD 377.609 million in the same period of 2020.

The basic and diluted earnings per share (EPS) stood at 6.01 fils in Q1-21, compared to 4.67 fils in Q1-20.

Commenting on the company's performance, Agility's Vice Chairman and CEO, Tarek Sultan, said: "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."

Sultan added: "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."

It is noteworthy to mention that in 2020, the company's net profits plunged by 52.1% to KWD 41.577 million, compared to KWD 86.759 million in 2019.