Agility, the Kuwaiti company in talks with the U.S. Government on alleged overbilling of military supplies, declined the most this month in Kuwait trading after first-quarter net income plunged.
Agility shares tumbled as much as 6.9 percent, the biggest intraday decline since April 28. Net income fell 52 percent from a year earlier to 17.6 million dinars ($61 million), according to a company statement to the Dubai bourse today. Revenue dropped 17 percent to 127.5 million dinars.
Agility, the Middle East’s largest storage and logistics company, 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.
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