Kuwait's Agility swings to Q4 net profit
Kuwait, March 31, 2012
Kuwait's Agility, the logistics firm facing US fraud charges, posted a 114-per cent rise in fourth-quarter net profit which hit KD3.5 million ($12.6 million) compared to a KD23.7 million loss the previous year, the firm said in a statement on Saturday.
Announcing the results, Agility said the company's revenues in the three months to December 31 were 5 per cent lower at KD368.6 million due to the loss of government contracting business.
For the full year ended December 31, net profit was up 8 per cent at KD27 million, it added.
'Profits grew by 8 per cent in 2011 even though revenues fell as Agility discontinued defence and government business,' said Tarek Sultan, Agility's chairman and managing director, adding he expected 'solid gains' in 2012.
Agility, which was the largest supplier to the US Army in the Middle East during the war in Iraq, pleaded not guilty in August to charges it defrauded the US government over multi-billion-dollar supply contracts. The board proposed a dividend of 30 fils per share.-Reuters