KUWAIT: Yesterday KGL Logistics shareholders met at Kuwait's Ministry of Commerce where company Chariman Dr Mehdi Al-Jazaf lauded company accomplishments.
"2006 was the real start of KGL Logistics as a specialised company in a comprehensive logistical service," he said, "We have grossed a net profit of KD 5,372,824 million in 2006, at 34fils per share." Chairman Al-Jazaf noted, "Our warehouses maintained almost 100 per cent occupancy (during 2006)."
KGL Logistics is an outgrowth of the larger KGL Group and provides air, sea, and land logistics services. "KGL is studying regional and international opportunities for geographically expanding the company." said company Chairman Al-Jazaf who continued, "These studies have borne fruit, we will open our first branch in the state of Qatar in 2007 and we are working toward opening branches of the company in other Arab countries in the foreseeable future." For 2007, Chairman Al-Jazaf said, "The company has contracted with the Manhattan Association, an international company, for equipment and information technology for managing warehouses with technical support from Axis Solutions."
Yesterday's meeting was attended by shareholders owning 85 per cent of the company's 200 million total shares. Shareholders deducted 10 per cent of the companies net profit and transferred it to the company reserve account in addition to approving Jassim Al-Fahad, of Al-Fahad and Associates and Qais Al-Nesef of Al-Nesef and Associates/Moore Stevens International as company auditors.
By Ahmad Al-Khaled
© Kuwait Times 2007
