Vice Chairman and CEO of the company Kuwait’s AgilityTariq Sultan, said that the company’s strategy focuses on local, regional and global opportunities. In this context, the acquisition by Agility’s subsidiary Tristar Transportation of HNA Group’s 51% stake in a joint venture with Glencore Group, This makes Tristar a global company specialized in transporting and storing oil and non-gas derivatives.
Tariq Sultan added, in an interview with “Al Arabiya”, today, Sunday, that one of the benefits of this deal is that “Agility” has become a partner with “Glencore” International, which will generate opportunities for our shareholders around the world.
Regarding the existence of previous plans to offer “Tristar” in the Dubai market, he explained that the activity of “Tristar” has improved significantly and the deal adds value to it, and it is possible to offer “Tristar” in any of the stock exchanges in the near future, but we are now focusing on improving the activity and operational performance.
Regarding the results of “Agility” company, the CEO said that the company had previously announced a plan to distribute 20 fils per share for the next 3 years, with an expected operational increase of 20% in the coming years. In order for the company to ensure the continuity of dividends to shareholders in the future.
Tariq Sultan explained that the company is currently focusing on the continuity of dividends and earnings per share, and precautionary provisions are a type of board policy to hedge and benefit from the boom in profits, which are several types and according to their nature, they are allocations for one year.
Regarding the supply chain crisis, the CEO of Agility said that it has become more difficult now with most countries heading to provide cash support to their local companies and citizens, which has led to a significant increase in shipping prices globally and caused a shortage of resources and congestion of ships due to the Ukraine crisis.
Tariq Sultan expected the stability of the difficult conditions in the supply chains.
The net profits of the Kuwaiti company, Agility, increased 23 times during the year 2021 to exceed KWD 977 million, far exceeding the average forecast of analysts.
This was due to the company making a one-time profit from the sale of the global integrated logistics company to DSV in exchange for shares in the latter.
During the last quarter of last year, Agility suffered a net loss of 647,000 dinars, compared to profits of more than 10 million dinars in the same quarter of last year.
In this context, Agility’s Board of Directors has recommended a distribution of 20% bonus shares and 20% cash dividends from the share capital for the year 2021.