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FINANCIAL NEWS
Kuwait’s Agility Q2 net profit down 57%
15 Aug 2011
(MENAFN) Kuwait’s Agility said that due to a loss of a USD1 billion defense and government business, in the second quarter, the company’s net profit fell 57 percent, reported Reuters.
The logistics company added that its revenue in the period slipped 23 percent, whereas net profit reached USD28.7 million compared with USD66 million in 2010.
It also said that for the coming year, forecasted earnings would grow due to the increase in investments and in the number of its clients, in addition, the company planned to slash costs and embark on new initiatives.
It is worth noting that the firm had contracts with the US Army that worth USD8.5 billion, which made it its biggest supplier in the region, nevertheless, Agility faces US fraud charges claiming that the company defrauded the military in multibillion-dollar contracts.
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05 Feb 2026
BBK announces December Al Hayrat Grand Prize winners and another wave of Grand prizes for February
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