Agility ‘resets’ financial baseline
01 / 04 / 2012
KUWAITI logistics company, Agility, reported a net profit of KD3.5m (US$12.6m) for the fourth quarter of 2011, although revenue fell five per cent, to KD352m ($1.26bn).
For the full year ending 31 December 2011, net profit was KD27m ($97m), an increase of eight per cent over 2010.
The company attributed the drop in revenue to its loss of government business from the on-going charges brought against Agility by the US Department of Justice (DoJ) under allegations of fraud. The DoJ alleges that Agility overcharged the US Army for food supplied in the Middle East, a charge it denies. It pleaded not guilty last August.
Excluding government and discontinued business Agility points out its revenue actually grew four per cent.
“We are a different company today than we were a year ago,” says Tarek Sultan, the company’s managing director, “and we consider 2011 a new financial baseline against which we will measure future performance.”