Kuwait - Jassim Transport & Stevedoring Co. K.S.C.C. (JTC), a leading provider of equipment and logistics services in the GCC, held its Annual General Meeting (AGM) for the financial year ending 31st December 2020 on 31st March 2021 and approved distribution of 20% cash dividends (20 fils per share) to shareholders amounting to KD 3 million.

JTC reported a net profit of KD 4.1 million for 2020, compared to KD 7.0 million in 2019. Revenue for the year stood at KD 21.2 million, against KD 24.0 million in the previous year. Total assets as of 31st December 2020 was KD 51.4 million, compared to KD 51.7 million at the end of 2019.

Incorporated in 1979, JTC operates through its subsidiaries across three business segments: Contract Logistics & Ports Management, Equipment Leasing and Power Rental. Over the years, the company has established itself as a leading service provider supporting various oil & gas and infrastructure projects in Kuwait, Qatar and Saudi Arabia. JTC is on track to listing on Boursa Kuwait through a private placement planned later this year.

JTC’s CEO Adel Kohari said, “We are pleased with our performance in 2020, with our diversified portfolio of services in multiple geographies and our strong execution focus helping us overcome significant market challenges due to the COVID-19 pandemic. While all three of our business segments were impacted by the economic repercussions of the pandemic, we managed to sustain a healthy level of overall profitability by maximizing operational efficiency. We have also continued to focus on new investments, both to strengthen our existing business segments and also in new strategic growth areas which are expected to result in new revenue streams in the second half of 2021 and 2022. While we still face significant external challenges, we have a positive outlook for the coming years”.

He added, “In line with the shareholders strategy to grow the business, the company has initiated the listing process and has received preliminary regulatory approval to list on Boursa Kuwait from the regulatory authorities. We have appointed Kamco Invest to manage the process and will be setting the dates and plan to successfully complete the private placement followed by listing”.    

JTC’s fleet and capabilities have seen significant expansion in the past few years, which has enabled the company to strengthen its offerings in all its target markets. In 2020, JTC was awarded a 3-year service contract by Kuwait’s Ministry of Electricity & Water, and expanded its ports services to Shuaiba port.

JTC has consistently distributed dividends year-over-year totaling KWD 28.7 million in payouts in the last five years while maintaining a healthy and debt-free balance sheet. Excluding the COVID-induced challenges in 2020, the company has shown impressive growth in top-line and bottom-line, with growth CAGRs of 7.7% and 14.6%, respectively, during the period from 2014-’19.

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.