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Kuwaiti logistics company Agility has received approval from Kuwait’s Capital Market Authority to buy and sell treasury shares.
The approval is for a period of six months, the company said in a filing on Kuwait stock exchange.
Earlier this week, Agility reported 2020 net profit of 41.6 million Kuwaiti dinars ($138 million), or 21.73 fils per share, a 52 percent drop from 2019. Revenue for the year reached 1.6 billion dinars, up nearly 3 percent.
The results included one-off expenses related to restructuring that took place in response to the COVID-19 pandemic for 12.5 million dinars and 28 million dinars expense associated with the loss of Amghara land, the company said.
Agility’s board of directors had recommended a cash dividend distribution of 10 percent (10 fils per share), along with 10 percent bonus shares (10 shares for every 100 shares), subject to approval of the general assembly.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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