KGL records KD 9 million profit, up 20.4% year-on-year

12/06/2012 08:27 AST

"We are looking into the aspect of expansion from Kuwait to nearby states such as Saudi Arabia, Qatar, UAE and Iraq. The company also targets the bids offered by the US Government and the NATO Forces in the region. KGL Logistics additionally diversify its set of services to expand its market share and pave the way for additional future expansion.

Moreover, the company also looks forward to execute the various Build, Operate Transfer (BOT) projects in Kuwait" says KGL Logistics Chairperson Jafar M. Ali in an interview during the general assembly for financial year end report of 2011.

Kuwait Gulf Link Logistics (KGL) held its ordinary and extraordinary general assembly meeting Monday for the approval of its 'Consolidated Financial Statement Report' for the year end 2011.

The report outlined the achievements of the company during the year 2011, whereby the revenues for the year 2011 amounted to 29.9 million Kuwaiti dinars compared to KD 21.5 million in the year 2010, thereby reflecting a growth of 39.7 percent from the previous year. Total expenses amounted to KD 20.9 million for the year 2011 in comparison with KD 14.1 million in 2010.

Accordingly, profits for the year 2011 stood at KD 9 million as compared to KD 7.4 million in 2010, reflecting a growth of 20.4 percent from the previous year.

In terms of dividends distribution, the General Assembly approved the recommendation of the Board of Directors to distribute a cash dividend at a rate of 20 percent of the shares' nominal value and bonus shares at a rate of 10 percent of the paid-up capital for the financial year ending on Dec. 31, 2011. The distributions shall include all shareholders registered on the date of convening the General Assembly. The company's capital will become KD 30 million after the shares distribution. During the General Assembly, the Board of Directors also highlighted the company's future plans to expand its role in the local market by promoting its participation in local tenders.

"It is difficult to project the outcome of the year 2012 as early as now, but it has to be something reasonable and we are in the process of working towards a better growth better than 2011," says Ali. He also expressed gratitude to the shareholders, customers and partners for their endless support and confidence in the company's continued improvement and success under the leadership of His Highness the Amir of Kuwait, Crown Prince, Prime Minster and Kuwait Government.

Al Watan