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Tue 8 May 2018 05:10 PM

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Kuwait's JTC announces 2017 profit rise, plan for IPO

Jassim Transport & Stevedoring Co shareholders start process to list on Boursa Kuwait

Kuwait's JTC announces 2017 profit rise, plan for IPO
JTC CEO Adel Kohari.

Kuwait-based Jassim Transport & Stevedoring Co (JTC), has announced its intent for an initial public offering and listing on Boursa Kuwait.

The provider of equipment and logistics services also reported a net profit of KD7.8 million in 2017, up 25 percent on the previous year.

At its AGM, JTC shareholders also approved the distribution of KD6.6 million as cash dividends for 2017, as well as a resolution to start the IPO process.

Full-year revenue rose by 14 percent to KD24.1 million, the company added in a statement.

JTC CEO Adel Kohari said: “All business lines performed well in 2017, driven by favourable market conditions and consistent demand especially in Kuwait. Our outlook for 2018 is positive. We forecast healthy growth in both top line and the bottom line earnings."

JTC's current projects include the Clean Fuel Project, Al Zour Refinery project and the Doha Metro project.

JTC chairman Sulaiman M Al Shaheen Al Rubaie said: "The company is well-placed to remain on a high growth trajectory in the coming years, based on a well-established market position, positive economic outlook, strong management team, and healthy balance sheet."

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