Kuwait: JTC, a provider of ports management, logistics, warehousing, equipment leasing and power rental services operating in the GCC, today reported an 18% increase in its net profit to KD1.8 million in the first quarter of 2024 (Q1 2024).

Operating revenue reached KD7.0 million in Q1 2024, while earnings per share (EPS) increased from 10.38 fils in Q1 2023 to 12.21 fils in Q1 2024.

Despite a marginal reduction in overall revenue, profits were supported by improving margins as a result of strong cost optimization which successfully decreased operating costs by 7% and general expenses by 14% in comparison to Q1 2023.

Sheikh Ali Fawaz Al Sabah, Chairman of JTC, said: “JTC is focused on efficiency in its business, ensuring it continues to provide excellence in the lines it serves while optimizing revenue which would enable it to invest in future opportunities and add value to stakeholders. The first quarter saw a significant increase in business in Saudi and Qatar from last year, while operations in Kuwait maintained their solid position. We’re seeing great opportunities in all of our business lines, and specifically a growth in demand in leasing of equipment. We’re also seeing the positive results of our expansion efforts and cost optimization policies as we start the year, and 2024 looks positive for our company.”

Q1 2024 Review

The company expanded its operations within its existing markets, with double-digit growth in Saudi and Qatar where new opportunities continue to be presented. Generally, recent geopolitical events have had an indirect impact on operations and on operating revenue.

By the end of the first quarter ending on March 31, 2024, JTC’s total assets reached KD71.3 million, up 13% from the same quarter in 2023. Total equity increased by 9% to KD53.4 million, and by 4% from the financial year ending on December 31, 2023.

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, energy, media, real estate, manufacturing and education. KIPCO’s financial service interests include holdings in commercial banks, asset management and investment banking.

-Ends-

About JTC:

JTC was founded in 1979 and is a public shareholding company listed on Boursa Kuwait. With offices in Kuwait, Saudi Arabia and Qatar, the company has established itself as one of the leading service providers of professional, high-quality, and cost-effective solutions in the sectors of Ports Management, Contract Logistics, Warehousing, Equipment Leasing and Power Rental.Over the years, JTC has evolved its business model to become a dynamic, innovative, and highly responsive customer-focused organization through its operating divisions.JTC is part of Kuwait Projects Company – Holding (KIPCO Group), headquartered in Kuwait.    

For more information:
Leslie Mouawad
leslie@kuwaitsupplies.com