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Sunday, 6 August 2017

Kuwait's Agility expects settlement of US criminal case to help earnings - The National

Kuwait's Agility expects settlement of US criminal case to help earnings - The National:

"Kuwait-based Agility, one of the largest logistics firms in the Arabian Gulf, said yesterday it expects the settlement of a US criminal case to help lift earnings in the third and fourth quarters after posting a 12 per cent profit increase in the second quarter. Income growth in the next two quarters will be buoyed by operations and lower legal fees from the resolution of the case over US food-government contracts, said Tarek Sultan, the company’s chief executive. The impact on earnings will be partially reflected in the third quarter and fully reflected in the fourth quarter, he added. Agility, once the main food-supplier to the US Army in the Middle East, said in May it had agreed to pay US$95 million to settle the case and will now be able to bid again for US government contracts, which used to be its main source of revenue. "



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