(MENAFN- Arab Times) KGL Logistics KSC (Closed) held its Ordinary and Extraordinary General Assembly Meeting on Monday at its headquarters in Shuwaikh for the approval of its Consolidated Financial Statement Report for the year ended Dec 31, 2011.
KGL Logistics Chairman Dr Jafar M. Ali presided over the General Assembly meeting in the presence of the company's Chief Executive Officer Michel Saab, Chief Financial Officer Sameer Panjwani, representatives of the audit firm, Ministry of Commerce and other KGL key executives.
The Chairman read out the Board of Directors' Report citing the achievements of the company during the year 2011, whereby the revenues for the year 2011 amounted to KD 29.9 million compared to KD 21.5 million in the year 2010, thereby reflecting a growth of 39.7 percent from the previous year. On the other hand, the total amount of expenses amounted to KD 20.9 million for the year 2011 in comparison with K.D 14.1 million in 2010.
Accordingly, profits for the year 2011 stood at KD 9 million as compared to KD 7.4 million in 2010, reflecting a growth of 20.4 percent from the previous year. In terms of dividends distribution, the General Assembly approved the recommendation of the Board of Directors to distribute a cash dividend at a rate of 20 percent of the shares' nominal value and bonus shares at a rate of 10 percent of the paid-up capital for the financial year ending on Dec 31, 2011. The distributions shall include all shareholders registered on the date of convening the General Assembly. The company's capital will become KD 30 million after the shares distribution.
During the General Assembly, the Board of Directors also highlighted the company's future expansion plans in the local market by promoting its participation in local tenders while focusing on its regional growth specifically in the markets of the Kingdom of Saudi Arabia, Qatar, United Arab Emirates and Iraq. The company also eyes the tenders offered by the US Government and the NATO Forces in the region.
In addition, KGL Logistics shall diversify its set of services to expand its market share and pave the way for additional future expansion.
Moreover, the company looks forward to executing the various Build, Operate Transfer (BOT) projects in Kuwait. On a final note, the Chairman expressed his gratitude to the shareholders, customers and partners for their endless support and confidence in the company's continued improvement and success under the leadership of His Highness the Amir of Kuwait Sheikh Sabah Al Ahmad Al Jaber Al Sabah, HH the Crown Prince, the Prime Minster and the Kuwait Government.
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