Kuwait's Agility posts 20% profit rise in Q3

Logistics giant posts net profit of US$34.54m.
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By: Reuters

Kuwait's Agility, one of the largest logistics companies in the Gulf region, reported a 20.4 percent rise in third-quarter net profit on Wednesday.

The logistics firm, which is facing US fraud charges, said its net profit was KWD9.75m (US$34.54m) in the three months to September 30, compared to KWD8.1m in the same period a year ago.

Earnings per share were 9.81 fils compared to 8.04 fils a year earlier, it said.

Agility's chairman said in September the company was gearing up for expansion in emerging markets, much of it in countries that experienced Arab Spring upheaval as new governments spend more on their oil industries and infrastructure.

Agility, which was the largest supplier to the US Army in the Middle East during the war in Iraq, pleaded not guilty in August 2011 to charges it defrauded the US government over multi-billion-dollar supply contracts.

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