JTC is a provider of ports management, logistics, warehousing, equipment leasing and power rental services operating in the GCC.
In its Annual General Meeting (AGM) held in Kuwait, JTC shareholders today approved the Board of Directors’ recommendation to distribute 22% in cash dividend, the equivalent of KD3.3 million for the year ended December 31, 2023.
Since listing in Boursa Kuwait in October 2021, the company has distributed KD8.4 million in cash to shareholders, including the amount approved at the AGM. It has distributed a total of KD49.1 million in cash in the past 10 years since 2015, the equivalent of over thrice its paid-up capital.
Sheikh Ali Fawaz Al Sabah, Chairman of JTC, said: “JTC has continued to deliver value to its shareholders year after year, reflecting the confidence in the company’s financial health as a result of its ongoing commitment to operational excellence and strategic growth, positioning JTC as a leader in our industry. The results also underscore our ability to navigate market complexities and capitalize on strategic opportunities.
“Looking ahead, we are optimistic about the future. Our strategic investments in key markets, coupled with our focus on high-margin segments, position us well for sustained growth. We are excited about the opportunities to come and are confident in our ability to continue delivering exceptional value to our shareholders, clients, and all stakeholders.”
2023 Review
The company had announced a net profit of KD6.0 million for the year 2023, up 37% from the previous year. Operating revenue increased by 5%, to KD28.8 million for the year. In addition to revenue expansion, higher margins also supported the increase in net profit. Earnings per share (EPS) subsequently increased from 29.21 fils to 40.14 fils.
By December 31, 2023, JTC’s total assets reached KD75.7 million, up 24% from December 31, 2022. Total equity increased by 9% to KD51.6 million.
JTC is part of Kuwait Projects Company – Holding (KIPCO Group), a holding company that focuses on investments in the Middle East and North Africa. KIPCO’s main business sectors are financial services, energy, media, real estate, manufacturing and education. KIPCO’s financial service interests include holdings in commercial banks, asset management and investment banking.
