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Monday , November 19 2018

KGL AGM proposes 5% dividend, 15% bonus shares

Company considering new expansion for its business in region

Maher Marafi , Chairman of KGL

KUWAIT CITY, May 5: The Board of Directors of Kuwait and Gulf Link Transport Company (KGL) met on Thursday and approved the financial statements for the year ended Dec 31, 2017. The company’s revenues amounted to KD 64.8 million. The total expenses amounted to KD 52.1 million.

The company achieved a net profit of KD 10.1 million for the year 2017. The general assembly has also recommended the distribution of 5% cash dividends and the distribution of 15% bonus shares for the fiscal year ended 31/12/2017 on the issued and paid up share capital at 15 shares per 100 shares. Commenting on the financial results, Chairman Maher Marafi said that the Board of Directors seeks to continue to develop the company’s business and maximize its competitiveness by implementing a strategy that meets the needs of the local and regional markets and meets all the requirements of the company’s growing and diverse clients to help them achieve their strategic goals and meet changing challenges in an important and fundamental sector using the most up-to-date and environmentally friendly technology in the logistics and warehousing operations and relying on KGL 62 years of legacy in this field, which has become a huge sector because of the geographical location of Kuwait in the region.

In the coming period, we will strive to continue to capitalize on the mutual trust with the US military in the region.

Two of the our companies, KGL Transportation and KGL Food Services, have won contracts worth over $2 Billion, KD 600 million, with the US armed forces to carry out the work of the main supplier of transport, logistics and warehousing services in the Arabian Gulf, Iraq and Jordan.

Marafi also announced the renewal of a subsidiary company, KGL Passenger Transport Services, the contract for public transport with the Roads and Transport Authority (RTA) in the Emirate of Sharjah-United Arab Emirates for a period of 10 years with the aim of developing and upgrading public transport and supporting them with new buses according to the highest international standards of safety, security and technology; along with the construction of air-conditioned passenger bus stations, which is a qualitative leap in public transport in Sharjah.

He explained that the company continues to find integrated solutions in the fields of transport and custom clearance, storage and supply to its customers, within the highest specifications and standards in the global markets. He added that the Board of Directors is keen on achieving sustainable competitive development for the company to maintain the desired profits for its shareholders by diversifying its activities and services and obtaining logistical and transport contracts as well as developing storage areas in Kuwait and the GCC countries. He concluded by saying that the new board of directors, executive management and staff are committed to supporting the company’s vision to become the leading logistics service provider in the region

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