• Continued expansion of operations in GCC markets

Kuwait: JTC, provider of port management, logistics, warehousing, equipment leasing and power rental services operating in the GCC, today announced a net profit of KD4.4 million for the nine-month period of 2023, up 36% from the same period in the previous year.

Profits were supported by a 10% increase in operating revenue which stood at KD21.6 million for the nine-month period of the year. Earnings per share (EPS) subsequently increased from 21.78 fils to 29.53 fils.

Net profit for the third quarter (Q3) period was KD1.5 million, a 52% increase from Q3 2022, while operating revenue was KD7.3 million, a 9% increase from Q3 2022. EPS was 10.21 fils, up from 6.70 fils.

Sheikh Ali Fawaz Al Sabah, Chairman of JTC, said: “Our company continued to perform well during the third quarter as it expanded its operations in existing markets as well as within its core business lines by investing in new assets and resources. These investments have yielded new opportunities and clients, as they enabled the company to cater to new large development projects being tendered in Kuwait, Saudi and Qatar, as well as serve a new client-base, ultimately diversifying JTC’s sources of income. The expansion in operations was met with a continued optimization of costs whereby resources were better utilized to ensure growth on the long-term.”

By September 30, JTC’s total assets reached KD69.1 million, up 14% from December 31, 2022. Total equity increased by 4% to KD49.1 million.

The company remains focused on expanding its operations within its existing markets, specifically in Saudi and Qatar where new opportunities are being presented. Recent geopolitical events are not expected to have a direct impact on operations.

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, insurance companies, asset management and investment banking.