KUWAIT CITY, May 17: UASAC’s General Assembly held its annual ordinary meeting on Monday 16th May 2016 headed by Basel Abdul Wahab Al Zaid in his capacity as a Chairman of United Arab Shipping Agencies Co. (Kuwait) and as a representative of United Arab Shipping Company (shareholders). The meeting was attended as well by Waleed Mohammed Abdul Qader as General Manager of the Company and a representative of the Ministry of Commerce and Industry and representatives from the External Auditor Deloitte & Touche, Al Wazzan & Co. The General Assembly reviewed and approved UASAC’s activity report & Auditors Financial Statements for the year 2015.
The Chairman, Basel Al Zaid pointed out that the Company handled 98 voyages of container ships belonging to United Arab Shipping Company in Shuwaikh and Shuaiba ports which belongs to Kuwait Ports Authority and handled 56,515 TEU of Import and export of 15,179 TEU.
Besides this, the Company handled 4 voyages belonging to Kuwait Petroleum Company and discharged 123,854 Tons (Sulphur) as a general cargo.
The Company achieved a net profit amounted to KD. 704,435 which represent 140% from the company capital paid and proposed to be distributed in full to the Shareholders.
Equity’s Shareholders for the year 2015 amounted to KD. 1,452,705 detailed as follows:
Capital paid: KD. 500,000
Statutory reserved: KD. 250,000
Dividends: KD. 704,435