Agility’s first quarter profit soared 46 percent as the Kuwait-based logistics and infrastructure company overcame a sluggish global economy to expand its customer base in emerging markets.
Net income grew to 10.1 million dinars ($35.6 million) from 6.9 million dinars ($24.3 million) in the first three months of 2012, as revenue rose 10 percent to 352.6 million dinars ($1.24 billion).
“We are continuing on a healthy growth trajectory. 2013 has started off on the right track, and we are making progress against our goals in both the core commercial business and our infrastructure group of companies,” Managing Director Tarek Sultan said.
Among contracts won in the quarter was an $80 million three-year deal with Shell to manage freight forwarding from different worldwide locations to the Mainoon oil field in Iraq.
Agility is facing allegations it overcharged the U.S. military on a multibillion-dollar contract to supply food for troops in Iraq and Kuwait.
The company is barred from bidding for new U.S. government contracts pending the outcome of the case.