Kuwait’s Agility to Continue Investing in Supply Chain, CEO Says
Kuwait’s Agility Public Warehousing Co. will continue investing in both supply chain and technology, and look at different strategic options for all its business segments, Chief Executive Officer Tarek Sultan said.
“We’re going to continue investing in supply chain - but in our core businesses, industrial, real estate and different supply chain vehicles - but increasingly in technology where we’re really looking to grow our footprint, and get involved in successful businesses that could benefit from our global footprint,” he said in an interview on Sunday. Moving forward, technology will be an “increasing theme for our shareholders, as well as ESG,” he said.
Agility is currently evaluating the best options for expanding its business, with next year being “a fair time to expect something,” Sultan said. The company’s revenue rose 30% in the third quarter, while profit surged to 926.9 million dinars ($3 billion) on the sale of its logistics unit to DSV Panalpina A/S for $4.1 billion.
He also said:
- “Everything is on the table to evaluate; buying, selling, listing, all of those are being considered in a very dynamic way, and we’ll have more clarity over the next couple of quarters.”
- Company will look very carefully at its portfolio business to determine how and which ones to position best for growth in next five to 10 years; “We don’t really care” which location is used for any possible future listing as long as it furthers its companies’ objectives
- Agility also bullish with its operating businesses, which are positioned for growth next year; “I think we’re going to be in good shape.”
- Parts of Agility’s business benefited from challenges presented by Covid, others were detrimentally impacted; 3Q numbers show some of its operating businesses are recovering from the impact.
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