Kuwait power rental group JTC profit up 37pc in 2023
KUWAIT CITY, February 22, 2024
JTC, a leading regional provider of ports management, logistics, warehousing, equipment leasing and power rental services based in Kuwait, has recorded solid results for FY 2023 registering a 37% jump in its net profit over the previous year.
Announcing the results for the 12-month period ended December 31, 2023, JTC said the operating revenue increased by 5% to KD28.8 million for the year. In addition to revenue expansion, higher margins also supported the increase in net profit. The earnings per share (EPS) subsequently increased from 29.21 fils to 40.14 fils.
By December 31, 2023, its total assets reached KD75.7 million, up 24% from the previous year. Total equity increased by 9% to KD51.6 million.
On the Q4 results, the Kuwaiti group said its year-on-year net profit for the period grew 43% to KD1.6 million, while the operating revenue stood at KD7.2 million. EPS for the quarter was 10.61 fils, up from 7.43 fils.
Impresssed with the results, JTC’s Board of Directors has recommended the distribution of 22 fils per share for the 2023 financial year.
"JTC has continued its growth momentum as operations expand in existing and new business lines as well as out of Kuwait. Investments made in Saudi Arabia, especially, during the past years have started generating strong results," remarked its Chairman Sheikh Ali Fawaz Al Sabah.
"The company’s strategy to prioritize higher-margin segments for growth in our three markets has also led to an increase in its operating margins. Its multiple lines of operations strengthen its fundamentals and set the company on the path of continuing to add value to shareholders, as well as clients and all stakeholders," he added.
JTC is part of Kuwait Projects Company – Holding (Kipco Group), a holding company that focuses on investments in the Middle East and North Africa.
Kipco’s main business sectors are financial services (including holdings in commercial banks, asset management and investment banking); energy, media, real estate, manufacturing and education.
JTC had recently appointed Kamco Invest as market maker for the company’s shares, as part of its commitment to advancing its shareholders’ interests.
It was also added to Boursa Kuwait’s BK Main 50 Index with effect from February 2024, indicating increasing interest in the company’s stock.-TradeArabia News Service
