KGL International for Ports, Warehousing & Transport Company K.S.C.C.held its Ordinary General Assembly meeting on Thursday, December 23, 2010 for the financial year ended 31/12/2009, and approved all topics of the meeting agenda. Among the most significant items discussed were the presentation of the main strategic plans and commercial activities/operations for next year and the clarification of the decrease in the company’s revenues for last year.
The Board Report cited the company’s win of two contracts from the Kuwait Ports Authority in 2009, encompassing the maintenance and operations of the Shuaiba Port and the construction, supply, installation and operation of the Shuwaikh Port container handling equipment for KD 2.5 million and KD 44 million respectively.
During the General Assembly presided by KGL PI Chairman Fadhel Albaghli, the management confirmed the Company’s continued execution of its plans and efforts in improving the performance of its port operations in Container Handling and RORO ships activities at the container terminal at the Shuaiba Port and in managing and operating the container terminal at the Saqer Port in Ras Al Khaima, UAE as well as monitoring the construction work of the new container terminal at the Damietta Port in Egypt which is expected to be completed on the set time frame. The pilot operation of the first phase is expected to commence at the end of 2011 with a capacity of 2.5 million TEUs, with an expected increase to 4.5 million TEUs, by the end of the second phase in 2015. This Terminal is planned to be a major transshipment hub in the Mediterranean serving all major shipping lines and facilitating cargo transportation between East, Europe and North America.
The designing, building, financing and operating activities of the Damietta Terminal are being managed by the Company under a 40-year Concession Agreement signed with Damietta Port Authority and a Management Agreement signed in 2006 with Damietta International Ports Company, being the owner of the project. The company is in collaboration on this project with strategic partners in the region such as the United Arab Shipping Co, China Shipping Company and the French Shipping Line company – CMA / CGM and others.
The Board Report also revealed that that company’s revenue has decreased from KD 4,210,453 in 2008 to KD 3,795,461 in 2009 due to the global economic slowdown in cargo movements, global forecasts show a slow recovery starting mid 2010 and 2011 which the company expects to see better results then.
In conclusion, the Chairman commended the shareholders, customers, partners and employees of KGL International for Ports, Warehousing & Transport Company for their endless support and confidence in the company’s continued improvement and success