Agility Q2 net profit rises 12.2pc
Kuwait, August 10, 2014
Kuwait's Agility, the largest logistics company in the Gulf, has reported a 12.2 percent rise in second-quarter net profit.
Agility made a net profit of 12.9 million dinars ($45.54 million) in the three months to June 30, up from 11.5 million dinars in the same period a year ago, according to a bourse statement.
The firm said it remains suspended from bidding for new contracts with the United States government pending the resolution of court cases the US has filed against Agility.
The US Department of Justice is seeking "substantial damages" from Agility and the two parties are in settlement discussions, the statement said.
Agility was a major supplier to the US Army in the Middle East.
In July 2011, a US appeals court ruled against an attempt by the logistics firm to avert prosecution over charges it defrauded the US Army in multibillion-dollar contracts. -Reuters