02 August 2009
KUWAIT: Announcing a 30 percent jump in the revenues of port fund projects in 2008, the KGL will now bid for two new projects in both Aqaba, Jordan which is worth 750 million dollars for 30 years. And the second one is in Saudi Arabia. Marsha Lazareva, the Executive Manager of KGL Investment Company made the announcement during the board meeting held yesterday at the Ministry of Commerce and Industry.
With regard to Al-Aqaba New Port project, the KGL is running a consortium to benefit from the privilege of building and operating the new port for 30 years, Lazareva said. The value of this project can be totaled to around $770 million.
She went on to say that the company has been focusing on infrastructural logistics that can serve during a healthy economic situation when companies make profits. But during phases when the economy is going through a rough patch, the government pumps in money to boost the economy.
Lazareva added that the company has two operational projects in Philippines. The first one is relates to port management and the second to is linked to a joint venture with a shipping company which has notched 23 percent profits this year.
She revealed that the company has signed contracts with eleven high-profile clients to invest in KGL logistics. The Logistics City that is supervised by the KGL in the Philippines has recommenced operations on the DMI - the airport located near the city. Here, the activities have registered a 25 percent rise. Now, 750,000 passengers use this airport.
The KGL has also invested more capital in order to fund more operational projects and it is now working on making future investments in north Africa.
In terms of the leverage percentage, Lazareva clarified that the KGL is like the other companies who were negatively affected by the economic crisis but still the leverage of debts against the capital is at a 35 percent only (KD 6.5 million debts against KD 15 million capital).
The value of assets totals to KD 36 million. The company did not take any risk while trading in equities in the bourse. It deals only with private equities in order to gain revenues from operational projects. She added that the port's projects have reaped in a 30 percent profit during 2008, mostly because it has taken advantage of the assets' low prices.
It has built and operated it through investments. Lazareva said that the KGL is satisfied with the results of the first quarter of the 2009. However, the profits were described as 'very less.' The board meeting was chaired by Director Yaccoub Al-Wazzan and it has approved the annual report of 2008. This is in addition to the determining balance sheet and bonuses.
The company's board members should also approve the board responsible for taking necessary measures to implement Law Number 2 for the year 2009. This is with regard to the government's bail-out plan, in addition to reappointing auditors and deducting 10 percent to hedge equity funds.
KUWAIT: Announcing a 30 percent jump in the revenues of port fund projects in 2008, the KGL will now bid for two new projects in both Aqaba, Jordan which is worth 750 million dollars for 30 years. And the second one is in Saudi Arabia. Marsha Lazareva, the Executive Manager of KGL Investment Company made the announcement during the board meeting held yesterday at the Ministry of Commerce and Industry.
With regard to Al-Aqaba New Port project, the KGL is running a consortium to benefit from the privilege of building and operating the new port for 30 years, Lazareva said. The value of this project can be totaled to around $770 million.
She went on to say that the company has been focusing on infrastructural logistics that can serve during a healthy economic situation when companies make profits. But during phases when the economy is going through a rough patch, the government pumps in money to boost the economy.
Lazareva added that the company has two operational projects in Philippines. The first one is relates to port management and the second to is linked to a joint venture with a shipping company which has notched 23 percent profits this year.
She revealed that the company has signed contracts with eleven high-profile clients to invest in KGL logistics. The Logistics City that is supervised by the KGL in the Philippines has recommenced operations on the DMI - the airport located near the city. Here, the activities have registered a 25 percent rise. Now, 750,000 passengers use this airport.
The KGL has also invested more capital in order to fund more operational projects and it is now working on making future investments in north Africa.
In terms of the leverage percentage, Lazareva clarified that the KGL is like the other companies who were negatively affected by the economic crisis but still the leverage of debts against the capital is at a 35 percent only (KD 6.5 million debts against KD 15 million capital).
The value of assets totals to KD 36 million. The company did not take any risk while trading in equities in the bourse. It deals only with private equities in order to gain revenues from operational projects. She added that the port's projects have reaped in a 30 percent profit during 2008, mostly because it has taken advantage of the assets' low prices.
It has built and operated it through investments. Lazareva said that the KGL is satisfied with the results of the first quarter of the 2009. However, the profits were described as 'very less.' The board meeting was chaired by Director Yaccoub Al-Wazzan and it has approved the annual report of 2008. This is in addition to the determining balance sheet and bonuses.
The company's board members should also approve the board responsible for taking necessary measures to implement Law Number 2 for the year 2009. This is with regard to the government's bail-out plan, in addition to reappointing auditors and deducting 10 percent to hedge equity funds.
By Nisreen Zahreddine
© Kuwait Times 2009
