KGL Logistics K.S.C. (Closed) held its Ordinary and Extraordinary General Assembly Meeting on Thursday, April 21, 2011 at 12:00 noon, at the Kuwait and Gulf Link Holding Company headquarters located at the Shuwaikh Industrial area, for the approval of its financial results for the year ended December 31, 2010. The Board of Directors’ Report outlined the achievements of the company during the year 2010, whereby the revenues for the year 2010 have reached the amount of KD 21.5 Million compared to KD 16.2 Million in the year 2009, thereby reflecting a growth of approximately 32% from the previous year, whereby the total amount of expenses reached KD 14.1 Million for the year 2010 in comparison with K.D 11.5 Million in 2009.
Accordingly, net profits for the year 2010 stood at KD 7.4 Million in comparison to KD 4.9 Million in 2009, reflecting a growth of 53% from the previous year. Moreover, the Shareholder’s equity increased from KD 37.7 million in the year 2009 to KD 45 million in 2010.
In terms of dividends distribution, the General Assembly approved the recommendation of the Board of Directors to distribute bonus shares at a rate of 20% of the paid-up capital and cash dividend of 5 fils per share for the financial year ending on December 31, 2010. The distributions shall include all shareholders registered on the date of convening the General Assembly.
During the General Assembly, the Board of Directors also highlighted the company’s plan of expanding its role in the local market by promoting its participation in local tenders and Kuwait Government Development Projects while emphasizing on its regional growth in the Gulf Cooperation Council (GCC) Countries, in general, and in the Kingdom of Saudi Arabia, United Arab Emirates and Qatar in particular. The company shall additionally diversify its set of services to expand its market share and pave the way for additional future expansion.
Additionally, KGL Logistics’ assembly approved in its extraordinary meeting the increase of its paid-up capital, reflecting thereby the distributed bonus shares, to become KD 27,600,000/-.
In conclusion, KGL Logistics Chairman Jafar M. Ali lauded and thanked the shareholders, customers and partners of KGL Logistics for their endless support and confidence in the company’s continued improvement and success.
