Kuwait: Jassim Transport & Stevedoring Co more popularly known as JTC has announced its intent for an initial public offering and listing on Boursa Kuwait.
JTC- inland transportation company provided logistic, warehousing & heavy equipment rental services in Kuwait & Middle East region. The company 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.
The company also reported that its annual revenue also increased by 14% to KD24.1 million.
JTC CEO Adel Kohari said: “All business lines performed well in 2017, driven by favorable 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 is currently working on some bog projects including 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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