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Monday , September 27 2021

Kuwait public utilities achieved 6 million dinars in net profit in 2019

KUWAIT CITY, Sep 9: The Kuwait Public Utilities Management Company announced that it achieved 6 million Kuwaiti dinars (about 19.4 million US dollars) in net profits for the fiscal year ending on December 31, 2019, an increase of 4.5 percent compared to 2018.

The company said in a statement Today, Wednesday, it held its ordinary and extraordinary general meeting for the year, headed by the Chairman of the Board of Directors, Dr. Muhammad Al-Abd Al-Jader, in the presence of 36 representatives of the General Investment Authority, the Ministry of Trade and Industry, the clearing company, the representative of the Audit Bureau and the Rudel Middle East Office for Accounting Auditing.

It stated that the Extraordinary General Assembly approved amendments to the Articles of Association in accordance with the Companies Law Number of the Year 2016 at the request of the Ministry of Commerce and Industry.

The Ordinary General Assembly approved the report of the Board of Directors for the fiscal year 2019 and approved the distribution of cash dividends to shareholders at 100 percent of the capital for the ended fiscal year.

Al-Abd Al-Jader reviewed the company’s achievements during 2019, including the operation of the commercial service space in the city of expatriate workers in the Sabhan region, which will have a positive impact on the company’s revenues from 2020.

Al-Abd Al-Jader further stated that the company is working on marketing the remaining blocks for leasing in the city of expatriate workers in the region. Al-Shaddia, maintenance of the Gold Market building, and improvement of services provided to its occupants and visitors, in addition to the completion of a study to assess the field of warehouses and warehouses in Mina Abdullah area.

He added that the total recorded revenues amounted to 11.535 million dinars (about 37 million dollars) in 2019 compared to 10.814 million dinars (about 34.9 million dollars) in 2018, in addition to the increase in shareholders’ equity during 2019 by 21.6 percent compared to 2018.

It is noteworthy that the Public UtilitiesManagement Company is a closed Kuwaiti shareholding company, wholly owned by the General Investment Authority, with the aim of diversifying investment inside Kuwait through the management and maintenance of some service buildings, commercial complexes, residential bachelors cities, multi-story and shallow car parks as well as historical squares and squares after their development. 

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