Agility Says No Guarantee of Reaching U.S. Settlement

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Agility, the Middle East’s largest logistics company, said there was no guarantee it would reach a settlement to a contract dispute with the U.S. military as fourth-quarter profit climbed 22 percent.

Net income rose to 40.9 million Kuwaiti dinars ($142 million), or 40.6 fils a share, the company said in an e-mailed statement today. Agility faces a “slower-than-expected recovery” from the global economic crisis, challenges from a U.S. troop drawdown in Iraq, and ongoing legal issues, Chairman Tarek Sultan said in the statement.

Agility, formerly known as Public Warehousing Co., was indicted in November for allegedly overcharging the U.S. government on a multibillion dollar contract to supply food for troops in Kuwait and Iraq. The company said in November it was negotiating with the U.S. Justice Department on a settlement of the charges.