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FINANCIAL NEWS
Kuwait’s Agility reports USD27.7m profit in Q2
14 Aug 2012
(MENAFN) Kuwaiti logistics company Agility said second quarter profit was almost unchanged from last year, Reuters reported.
Agility said it made USD27.68 million net profit in the quarter versus USD27.7 million a year earlier.
The company also confirmed it did not take any provisions against its suspension from dealing with the United States army.
Agility, once the largest supplier to the US Army in the Middle East during the war in Iraq, was suspended from new US government contracts amid accusations of defrauding over multi-billion-dollar supply contracts.
Agility pleaded not guilty in August last year, and filed for USD225 million in claims against the US Defense Logistics Agency in April, saying the agency had breached the terms of a contract to distributed food to combat units.
In July, Agility was awarded a USD238 million logistics contract for the Gorgon natural gas project in Australia. It also got two-year extension of existing contract with Gorgon worth USD262 million.
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