Category
🗞
NewsTranscript
00:00 I am now with Mr. Tarek Al-Sultan, the Vice President of the Agency of Agility,
00:04 to talk about the company's results and most importantly,
00:08 the distribution of profits for Agility this year, which is surprising.
00:12 Last year, Agility did not distribute profits,
00:15 but this year, profits are distributed in different ways.
00:19 Many people do not understand exactly how the profits will be distributed,
00:23 especially since there is a distribution of shares of a company owned entirely by Agility.
00:28 49% of Agility Global PLC,
00:31 10% of the profits are separate, and 10% are from last year.
00:37 This time, the profits are a lot, Mr. Tarek,
00:39 to the extent that we do not understand exactly what the profits are.
00:42 Last year, there were no profits, and this year, we do not understand how much the profits are distributed.
00:47 Of course, the first thing we need to understand is the company's history.
00:50 The company started as a government company owned by the State of Kuwait
00:56 in the 1980s.
00:59 Thanks to the government's support and the leadership's support,
01:07 the company was able to evolve from a small company
01:12 to a company that Kuwait, the Gulf, and the Arab world are proud of.
01:19 In previous years, we have been focusing on the development of the rights of the shareholders
01:30 and on the distribution of the company's value to the shareholders,
01:36 whether through cash profits or grants,
01:42 or by honoring the company's value in the market.
01:46 Today, the company has distributed 10% of the profits to the investors.
01:56 We will give the shares as the company announced,
02:01 with the value of the book, approximately,
02:03 of 800 million Kuwaiti dinars.
02:06 This is a successful company, and it should be distributed with money and assets to its investors.
02:17 This is actually part of the company's plan to develop the company's added value
02:23 and improve the promises of investors.
02:25 So, the first 10% was profit from the last quarter,
02:31 and 10% from the end of the year.
02:34 Yes.
02:34 49% of the shares are grants from the Global PLC company.
02:41 This is a good thing for the shareholders,
02:45 because they have the opportunity to trade and exit some of the shares if they want to.
02:50 But what is the added value of the company's 49% shares?
02:56 It is a company that has very important assets.
02:59 I think the value will come in two ways.
03:02 The first way is that it will give us the opportunity to share and finance the company in a different way than before.
03:10 I think this will be an added value for our investors to participate directly in this new company.
03:19 The second way that the company will benefit from is the focus here in Kuwait.
03:23 Of course, the Kuwaiti government has an ambitious plan to develop the economy,
03:28 especially the participation of private sectors in the 2035 program.
03:33 We believe that the focus on these projects is important for the company,
03:39 and the company will put a lot of effort in developing the projects that result from the government's plan.
03:46 But if this is the case, why did you choose to invest in Abu Dhabi?
03:51 Of course, the focus on the nature of the company and its activities always leads to performance improvement.
04:01 So as long as we focus on development in Kuwait in an excellent way and on the government's plan,
04:09 I think we can create even better opportunities than before through direct focus on these promising opportunities.
04:16 But I mean, today, are you turning my agent in the Kuwaiti market,
04:20 into a fixed company?
04:23 Because a large part of the assets, the important assets,
04:28 have now become a company listed in another market.
04:30 No, of course, all companies are operational,
04:35 and we are interested in improving the performance of the operational companies.
04:39 And this is our focus, in the end.
04:41 As for our focus on our activities in Kuwait,
04:47 I think that the presence of the new company next to the company that the Kuwaiti company will own 51%,
04:55 will continue to be the majority.
04:58 I think this will help us focus and improve our performance in Kuwait.
05:03 And I think this is the main demand in the coming years,
05:08 to improve the presence of the company
05:12 and to actively contribute to the government in developing the economy.
05:18 But the presence of the company in Abu Dhabi, do you think it will give it an additional value?
05:21 As for the value of the company.
05:24 Of course, I don't have a clear picture of this.
05:29 There is an opportunity that we will give to the contributors,
05:33 to benefit from the appreciation of the value,
05:36 but this is something left to the market,
05:38 and of course, it will be left to the details of the ladder that we will announce later.
05:45 In May, you are expected to announce the value of the company?
05:48 Of course, this is a strange thing.
05:50 In the end, the specific date is a matter that the Abu Dhabi authorities agreed to,
05:56 and they will determine the date that will be announced.
05:59 But we cannot commit to two months.
06:02 Two shares, because each share is for agility.
06:06 Is there a picture of the value of the share?
06:11 No, there is no picture at the moment.
06:15 As for Saudi Arabia, you have big businesses in Saudi Arabia,
06:20 and you have a very large headquarters.
06:22 What are your plans for Saudi Arabia in the coming period?
06:25 And DSV also has a lot of work in Niyom.
06:28 Of course, the Kingdom of Saudi Arabia is one of the strongest markets in the valley,
06:35 and with it the UAE, the UAE market as well.
06:38 This market has a large scope for the participation of private sectors in huge projects,
06:45 and I think these things, as a company, we are looking for these opportunities,
06:50 whether in the Saudi Arabian region or the UAE,
06:53 but we are dealing with more than 120 countries,
06:55 so all the countries that we invest in, we try to invest in the countries that open up the space for private sectors to invest effectively.
07:02 What are your expectations for your work in the Kingdom of Saudi Arabia in the coming period?
07:08 You have big investments worth billions.
07:11 Of course, I am one of those who believe that the future of the Kingdom of Saudi Arabia is a great future,
07:20 and we all believe that we are at the beginning of the serious development that is happening.
07:29 I have been in the Kingdom for 15 years,
07:36 and in the last 5-10 years, the development that is happening in front of our eyes,
07:40 I myself am not convinced of the positive things that are happening.
07:45 I believe that we are at the beginning of the development in the Kingdom,
07:51 and for this reason we are investing for a long time.
07:56 I must ask you about your expectations for the logistic sector in 2024,
08:00 especially since some of the crises that we see in the Suez Canal route are affecting the logistics sector,
08:06 especially since it is an important route that a large percentage of global trade passes through.
08:10 No doubt that it will cause some obstacles for global subsidies,
08:18 but at the same time, the active companies of our company will help our customers to move on these steps,
08:25 and this will give us additional opportunities.
08:27 So, these kinds of disasters or difficulties will help us improve our returns to our investors.
08:34 How can you compensate for this?
08:36 I remember that you once made a statement that the airline sector may benefit from this crisis.
08:43 Of course, those who have important goods may resort to airlines.
08:50 However, the number of containers and ships may not be enough,
08:55 because the journey has become longer, and in this case, the prices of containers will increase.
09:01 This will create opportunities for companies such as the GLT companies in this sector.
09:06 There is also the TriStar company, which was mentioned by people to be part of the company that was approved in the Abu Dhabi Stock Exchange.
09:14 Does this mean that you tried to approve it in the past,
09:17 but that it will be approved by default through the approval of the GLT company?
09:22 The approval of the GLT company has nothing to do with the TriStar company.
09:26 The TriStar company is one of the vital sectors of the company.
09:31 We will try to develop this company as much as possible through strategic companies.
09:36 What we will do with it later is up to the board of directors of the new company and the TriStar company.
09:44 At the moment, the issue of our registration and the issue of TriStar are two different issues.
09:49 Have you already determined the principles that will be realized, or are there still final touches?
09:56 Of course, there are touches, and there will be a detailed explanation that shows all the principles and their methods.
10:04 This is a plan before the approval, and this is what is required for us in Kuwait and in the UAE.
10:13 One last word for the contributors of the GLT company.
10:18 Regarding the latest distributions and the distribution of 49% of the GLT Global PLC shares,
10:25 what do you say to them? Is this a good opportunity that you have given them?
10:34 I think they should determine their opinion on these ideas.
10:39 I think that the contributors always focus on the operational activities.
10:46 We notice a big increase in the company's operating profits.
10:52 All these profits come from the operational activities.
10:58 I think that as long as we can increase the operating profits, we can increase the value of the contributors.
11:06 So, we always focus on this type of operation, because the things we do with the shares and the distributions,
11:13 these things are helpful, but the main factor that affects the company's value is the company's focus on the operational activities and its good performance in this.
11:24 The approval of the GLT Global PLC in Abu Dhabi is an investment decision, not a political statement.
11:30 Some people think that GLT might move to Abu Dhabi because of some of the problems that it faces here.
11:36 Is it an investment decision? If there was no earthquake and land issues, would you have approved the GLT Global in Abu Dhabi?
11:44 I think that the two issues have nothing to do with each other.
11:48 I think that the registration in the Abu Dhabi market is in line with enhancing the value of the contributors and the company.
12:00 I think that it will open up new areas for the companies, and all contributors will benefit from this direction.
12:07 As for the other issues, all companies deal with some difficulties from time to time, but they have nothing to do with our strategic decisions.
12:17 Thank you very much, Mr. Tariq Sultan, Deputy President of the Agility Company.