Please find below Agility’s statement to the stock exchange related to the above subject:

Date 26/9/2021
Company Name Agility Public Warehousing Company KSCP “Agility”
Case Number Case No. 175/2018
Case Subject Iraq Telecom Limited (United Arab Emirates) (“IT Ltd”), Agility’s subsidiary, acted as claimant in the dispute is in relation to alleged fraud orchestrated by certain Korek Telecom stakeholders with the knowledge and cooperation of IBL Bank in connection with a subordination agreement relating to a USD 150 million loan extended by IBL Bank to Korek Telecom. The claim mainly sought the announcement as null and void the subordination agreement.
Date of the decision 24 September 2021
Court Decision Lebanese Arbitration Center of the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon
Parties involved ·   Iraq Telecom Limited (United Arab Emirates)- Claimant

·   Intercontinental Bank of Lebanon (IBL) S.A.L. (Lebanon) – Respondent

·   Korek Telecom Company L.L.C. (Iraq) – Respondent

·   International Holdings Limited (United Arab Emirates) (“IH”) – Respondent

Decision in favor of The award grants in full IT Ltd.’s claim to render as null and void the subordination agreement relating to the USD 150 million loan extended by IBL Bank to Korek Telecom.  The Tribunal agreed with IT Ltd. that all of the respondents (Korek Telecom, IH Ltd and IBL Bank), had engaged in a deliberate and intentional deception of IT Ltd. The deception was done with the purpose of inducing IT Ltd. to enter into the subordination agreement without knowledge of the fact that IBL Bank was acting not as a true lender, but merely as a front for Mr. Sirwan Barzani. The counterclaims of the respondents were rejected in their entirety.  In addition to the avoidance of the subordination agreement IT Ltd. was awarded legal costs in the amount of US 2.5 million.


As a result of this award, IT Ltd. will now seek to enforce its debt claim in the principal amount of USD 285 million, as well as accrued interest, against IH, as debtor, and Korek Telecom, as guarantor. Furthermore, IT Ltd. will reserve its right to claim for damages against all respondents, including IBL Bank, on the basis of their participation in the deception of IT Ltd.

First Instance court decision   NA – It is a final arbitral award pronounced by Lebanese Arbitration Center of the Chamber of Commerce, Industry and Agriculture of Beirut and Mount Lebanon
Appeal court decision   NA
Cassation Court Decision   NA
Financial Impact No financial impact at the moment


Best regards,
Investor Relations Team

Agility would like to disclose that it has received CMA’s approval to buy and sell its treasury shares for a period of 6 months from the approval’s date. Click here for the Approval Letter.

Investor Relations Department

With reference to the news published in a local newspaper on 23/08/2021 announcing that “Agility requested a license to establish the first digital bank in Kuwait”. Agility would like to clarify that as part of the company’s ongoing focus on digital initiatives, considers various opportunities available that help the company to achieve its interests and the interests of its shareholders. Agility has requested a license to establish a digital bank but there is nothing material at the moment.

The company is fully committed to carry out all disclosure procedures required in accordance with the laws and regulations issued by the Capital Markets Authority and the regulatory authorities.


Best Regards,
Investor Relations Team

We wish to inform you that the quarterly Analyst/ Investors Conference was held through a Live Webcast at 2:00 pm local time on Thursday, 19 August 2021.

Please click the link below for the minutes of the conference and the Investor presentation (Q2 -2020)


Analyst Call Transcript Q2 2021



Investor Relations Department
Agility Public Warehousing Company

Today, Agility expects to complete the previously announced agreement whereby DSV Panalpina A/S (“DSV”) acquires Agility’s Global Integrated Logistics business (“GIL”), which is the global logistics division of Agility Public Warehouse Company K.S.C.P. (“Agility”).

As consideration for 100% of GIL, Agility receives 19,304,348 DSV shares (with a nominal value of DKK 1 per share) representing approximately 8% of all post-transaction outstanding shares of DSV.

The enterprise value of the transaction is approximately USD 4.77 billion (KD 1.43 billion) and equity value approximately USD 4.67 billion (KD 1.40 billion).

Regulatory clearances are pending in a limited number of jurisdictions, which are not material in the context of the overall size of the transaction.

The financial impact of this transaction during the third quarter will be as follows:

  1. Balance sheet: Replacing GIL’s carrying value estimated at  USD 1.42 billion (KD 426.6 million) by the value of the 19.3 million shares of DSV, valued at DSV’s closing price as of August 31, 2021, at approximately USD 4.67 billion (KD 1.40 billion) equity value.
  2. Income statement: Booking a gain from disposal of discontinued operations representing the difference between the estimated carrying value of GIL, and the value of DSV shares, and after considering the transaction cost. The gain is estimated to be approximately USD 3.23 billion (KD 968.0 million).
  3. Carrying Value: it is worth noting that the final figure of GIL’s carrying value will be determined as of the end of August 2021 and accordingly the figure will change; this change should not be material in the context of the size of this transaction.
  4. Accounting treatment: The investment in DSV will be reported as per IFRS9 going forward.


Investor Relations Team

Please see the latest stock exchange filing.

Annual Results 2020 Stock Exchange Filing

Agility will hold its Q2 2021 Earnings Webcast on Thursday August 19, 2021 at 2:00 pm (Kuwait), 7:00 am (New York) and 12:00 pm (London).

Please connect to the following web session at least 10 minutes before the beginning of the event:


Agility Q2 2021 Webcast Registration


Webcast Connection details:
Please note that a presentation will be displayed on the PC.
To view the presentation, please click the above link and join the web meeting.
Participants joining by webcast will be able to send questions via a chat box within the webcast player.

In the case you would like to submit your questions ahead of the scheduled webcast, please contact [email protected].



Investor Relations Department
Agility Public Warehousing Company

Q2 2021
(Million KD)
Q2 2020
(Million KD)
6 months 2021
(Million KD)
6 months 2020
(Million KD)
Revenue 112.2 88.6 26.6% 220.2 194.9 13.0%
Net Revenue 60.3 48.4 24.6% 120.0 110.9 8.2%
EBIT 29.6 9.8 202.6% 40.1 28.7 39.6%
Net Profit 38.6 6.4 503.7% 51.2 16.2 215.9%
EPS (fils) 18.32 3.04 502.6% 24.33 7.70 216.0%

Numbers above are rounded

KUWAIT – August 14, 2021Agility, a leader in supply chain services, innovation and investment, today reported second quarter 2021 earnings of 18.32 fils per share on net profit of KD 38.6 million, an increase of 503.7% over the same period in 2020. EBIT increased 202.6% to KD 29.6 million, and revenue grew 26.6% to KD 112.2 million.

For the first 6 months of 2021, earnings were 24.33 fils per share on net profit of KD 51.2 million, an increase of 215.9% over the same period in 2020. EBIT increased 39.6% to KD 40.1 million, and revenue grew 13% to KD 220.2 million.

All of Agility’s largest businesses reported Q2 growth and profitability levels that were at or above pre-pandemic levels in 2019. “We’re proud of how we’ve been able to respond and recover from the challenges of the COVID-19 pandemic,” said Tarek Sultan, Agility Vice Chairman and CEO.

Agility is working to finalize the sale of its Global Integrated Logistics (GIL) business to DSV Panalpina A/S (DSV), in exchange for 19.3 million shares in DSV. Sultan said: “We see this transaction as a catalyst for Agility’s future growth. Agility will continue to grow its high-value business in emerging markets, and continue to invest in companies and technologies reshaping global supply chains.”



For the second quarter, Agility is reporting GIL’s results on a limited basis. Reporting will be done as per IFRS 5, covering non-current assets held for sale and discontinued operations. On the balance sheet this quarter, GIL is reported as single line items as Assets and Liabilities Held for Sale. On Agility’s Profit and Loss (P&L) statement, GIL is reported as Income from Discontinued Operations.

Once the transaction has been completed, Agility’s investment in DSV will be reported as per IFRS 9 as a
“financial asset at fair value.”


Agility Global Integrated Logistics (GIL)

As noted above, GIL results in Q2 appear as one line item and are not consolidated with figures from other Agility businesses, as per IFRS 5, covering non-current assets held for sale and discontinued operations.

GIL continues to witness favourable market conditions in freight forwarding and growth in contract logistics, which drove a revenue increase of 33%. Higher volumes, yield improvements, combined with ongoing cost control practices, led to exceptional year-over-year improvement in GIL profitability for the quarter.


Agility’s Infrastructure Companies

Agility’s Infrastructure group of companies remains the main contributor to Agility’s profitability and has historically generated around 80% of Agility’s EBIT. Each entity within this group is pursuing its own growth strategy. Entities that have been impacted by COVID-19 are recovering, and all are continuing to execute their growth plans.  Infrastructure entities have seen solid performance over the years. Agility will continue to explore growth opportunities for these businesses moving forward.

Agility Logistics Park (ALP) revenue increased 5% in the second quarter. Demand for warehousing space is still growing in regions where ALP has a presence, especially in the Middle East. ALP strategy is to increase its land bank in the countries where it operates and to provide high quality warehousing space to its customers.

Tristar, a fully integrated liquid logistics company, posted a 12.5% increase in revenue growth for Q2. This performance reflects improving market conditions and Tristar’s resilient and diversified business model. Tristar has a strong pipeline of growth opportunities across its business segments and is expected to deliver attractive returns. The company’s blue-chip clients have been key enablers of its success.

National Aviation Services (NAS) revenue reported 131.9% growth in Q2. NAS’s performance represents a full recovery to pre-pandemic levels of 2019. NAS’s rebound is attributed to three factors.  First, there has been an increase in flights in all of the countries served by the company, particularly Kuwait, Cote d’Ivoire, Uganda and Iraq. The increase in flights, coupled with significant cost reduction, has enabled NAS to improve margins. Second, NAS began new operations that have been profitable, particularly in Baghdad and Democratic Republic of Congo. Finally, the company’s investments in technology and digital health have paid off, contributing significantly to revenue in Kuwait and Baghdad.

United Projects for Aviation Services Company (UPAC) saw a 238.3% increase in revenue for Q2 compared with the same period in 2020. UPAC’s Q2 2020 revenue was impacted by the three-month rental waiver for its airport mall tenants in response to the COVID lockdown in Kuwait.

Revenue is still affected by ongoing travel restrictions imposed as a result of the pandemic. UPAC continues to take various measures to reduce the negative impact on its business. With a vaccination program fully underway in Kuwait, UPAC operations are showing signs of gradual recovery. The company anticipates an air traffic pick up by Q3 2021.

At Global Clearance House System (GCS), Agility’s customs modernization company, Q2 revenue increased 48.1%. The growth was driven by increased trade volumes and initiatives implemented by the company to spur its growth. GCS is looking into new customs modernization opportunities inside and outside of Kuwait as ways of diversifying its income.


Recap of Agility Q2 2021 Financial Performance

  • Agility’s Net Profit increased 503.7% to KD 38.6 million. EPS was 18.32 fils vs. 3.04 fils a year earlier.
  • Agility’s EBIT increased 202.6% to KD 29.6 million.
  • Agility’s Revenue increased 26.6%, to KD 112.2 million and Net Revenue increased by 24.6%.
  • Agility enjoys a healthy balance sheet with KD 2.4 billion in assets. Net Debt for continued operations stood at KD 300 million as of June 30, 2021. Reported operating cash flow was KD 88.8 million for the second quarter of 2021.



Sultan said: “After the deal with DSV closes, a new chapter of Agility’s story will be begin. We will continue to grow our existing businesses, which have proved to be solid and stable performers over the years, and we will invest in companies, technologies, and digital initiatives that are reshaping our industry. We are proud of the fact that we have increased shareholder value by more than 5 times over the last decade, and we remain committed to growing shareholder value in years to come.”


About Agility

Agility is a global supply chain company, and a leader and investor in technology to enhance supply chain efficiency and sustainability. It is a pioneer in emerging markets and one of the largest private owners and developers of warehousing and light industrial parks in the Middle East, Africa and Asia. Agility’s subsidiary companies offer airport services, e-commerce enablement and digital logistics, customs digitization, remote infrastructure services, fuel logistics, and commercial real estate and facilities management.

For more information about Agility, visit




Reference to our previous disclosure dated April 21, 2021, regarding Agility’s investment in Reem Mall project, Agility would like to announce an amendment to the previous facility of KD 144.5 million as convertible debt given to Farwaniya. Property Developments LLC (“Farwaniya”), the company responsible for the development of Reem Mall in Abu Dhabi,

The amendment includes an additional debt of around KD 16 million given to UPAC. The funding is structured as a short-term facility until such time the company executes its capital increase to cover such requirements. The Equity portion of KD 13.4 million will remain as is.


Best Regards,
Investor Relations Team

With reference to the news published in a local newspaper on 03/08/2021 announcing that the European Commission clears the acquisition of GIL (a subsidiary of Agility) by DSV Panalpina and with reference to Agility’s announcement dated 27/04/2021 regarding the DSV deal, please note that the European Commission has cleared the DSV deal from a merger regulation perspective. This clearance is one of the regulatory approvals required to close the DSV deal. Agility will disclose to the market once the deal is closed.


Investor Relations Team