• Expansion of operations in Saudi and Qatar
  • Focused on growth in its main operating sectors during the year 2023

Kuwait: JTC, a provider of ports management, logistics, warehousing, equipment leasing and power rental services operating in the GCC, today announced a net profit of KD6.0 million for the year 2023, up 37% from the previous year.

JTC’s Board of Directors recommended the distribution of 22 fils per share for the 2023 financial 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.

Net profit for the fourth quarter (Q4) period was KD1.6 million, a 43% increase from Q4 2022, while operating revenue was KD7.2 million. EPS for the quarter was 10.61 fils, up from 7.43 fils.

Sheikh Ali Fawaz Al Sabah, Chairman of JTC, said: “JTC has continued its growth momentum as operations expand in existing and new business lines as well as out of Kuwait. Investments made in Saudi Arabia, especially, during the past years have started generating strong results. The company’s strategy to prioritize higher-margin segments for growth in our three markets has also led to an increase in its operating margins. Its multiple lines of operations strengthen its fundamentals and set the company on the path of continuing to add value to shareholders, as well as clients and all stakeholders.”

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 recently appointed KAMCO Invest as market maker for the company’s shares, as part of its commitment to advancing its shareholders’ interests. JTC was also added to Boursa Kuwait’s BK Main 50 Index with effect from February 2024, indicating increasing interest in the company’s stock.

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.

About JTC:

JTC was founded in 1979 and is a public shareholding company listed on Boursa Kuwait. With offices in Kuwait, Saudi Arabia and Qatar, the company has established itself as one of the leading service providers of professional, high-quality, and cost-effective solutions in the sectors of Ports Management, Contract Logistics, Warehousing, Equipment Leasing and Power Rental.

Over the years, JTC has evolved its business model to become a dynamic, innovative, and highly responsive customer-focused organization through its operating divisions.

JTC is part of Kuwait Projects Company – Holding (KIPCO Group), headquartered in Kuwait.

For more information:
Leslie Mouawad