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Thursday , August 22 2019

KGL Logistics reports KD 5.9 mln net profit – BoD proposes distribution of 5% bonus shares

KUWAIT CITY, March 28: The Board of Directors of KGL Logistics held a meeting to approve the financial statements for the fiscal year that ended on Dec 31, 2017. The meeting reviewed the arrangements for the AGM and its agenda.

The Board of Directors approved the 2017 financial statement, where the company’s revenues for the 2017 fiscal year amounted to KD 39 million and the total expenses for the 2017 fiscal year amounted to KD 32.6 million, while the net profit for 2017 was KD 5.9 million.

The board of directors also recommended to the AGM the distribution of free bonus shares for the fiscal year that ended on 31/12/2017 by 5% of the company’s issued and paid up capital in the amount of 5 shares for every 100 shares.

Commenting on the results, Dr Jafar Ali, Chairman of KGL Logistics, said: “The Board of Directors has made great efforts to develop the company’s business to meet the shareholders’ aspirations, both in terms of increasing storage space and expanding the customer base in Kuwait along with a regional expansion in the GCC, where the company aims to develop nearly 2 million square meters of storage areas within the GCC and in KSA specifically; the first phase of the development of nearly 200 thousand square meters of storage space in Jeddah will be completed during the second quarter of 2018, according to the highest international standards using the latest technical developments in the field of warehousing in line with the “Saudi Vision 2030”.

“KGL Logistics is looking to expand its operations locally and regionally, all while creating new opportunities for future expansion and growth. KGL Logistics will continue to pursue the development and diversification of its storage facilities, logistics services and support to meet local and international market needs.”

On the other hand, Dr Jafar stressed that the company attaches great importance to the youth through the development of fresh Kuwaiti graduates and enticing them to work in the logistics sector, within a variety of programs provided by the company’s experts on globally adopted principles. He also added that in accordance with the company’s corporate social responsibility towards the youth, KGL Logistics is committed to providing training programs for young Kuwaiti nationals.

Dr Jafar concluded by thanking the members of the Board of Directors for their presence and dedication during the past year, especially in light of the company’s achievements at the local and regional levels, who results might materialize later this year or in the coming years.

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