JTC Logistics Reports Robust 2024 Profits, Proposes 26 Fils Per Share Dividend
JTC Logistics Transportation & Stevedoring Company K.S.C.P. (JTC), a leading provider of port management, logistics, warehousing, equipment leasing, and power rental services in the GCC, today announced its financial results for the full year 2024, reflecting strong net profit growth and continued expansion in key regional markets.
JTC’s Board of Directors recommended the distribution of 26 fils per share for the 2024 financial year.
JTC recorded a net profit of KD 6.6 million for 2024, despite a minor decrease in operating revenue which stood at KD 28.5 million. The company’s expansion efforts, particularly in Saudi Arabia, contributed significantly to its positive performance. Earnings per share (EPS) increased from 42.7 fils to 44.3 fils.
Continued Expansion and Strategic Investments
JTC’s growth strategy in Saudi Arabia saw significant milestones in 2024 with the opening of a second branch in Riyadh, complementing its pre-existing Dammam branch. The company further strengthened its market presence with the establishment of a third branch in Jeddah in early 2025. These expansions have enhanced JTC’s ability to serve the entire Saudi market, accelerating the company’s growth trajectory in the region.
Sheikh Ali Fawaz Al Sabah, Chairman of JTC, commented: “2024 has been a transformative year for JTC. Our expansion in Saudi Arabia has been instrumental in sustaining our growth momentum. The opening of our new branches in the Kingdom allows us to better serve our clients and participate in the country’s large-scale infrastructure and industrial projects. We remain committed to enhancing our operational capabilities while optimizing costs to drive long-term growth.”
Sheikh Sabah Mohammad Abdulaziz Al-Sabah, Vice Chairman of JTC, added: “JTC continues to be laser-focused on delivering added shareholder value driven by business expansion as well as consistent dividend distributions. The Board has proposed to distribute 26 fils per share as cash dividends for 2024, continuing the trend of increasing dividends over the past three years. Including this, the total dividends distributed over the past 12 years amounts to 373 fils, underscoring the strong commitment of the management and the Board to providing consistent shareholder value.”
By December 31, 2024, JTC’s total assets reached KD 75.3 million, compared to 76.1 million as of December 31, 2023. Total equity increased by 7% to KD 55.6 million.
Additionally, JTC’s new head office in Ahmadi, Kuwait, is nearing completion and is scheduled to open by March 2025. The new headquarters will support the company’s growing operations and reinforce its commitment to excellence in service delivery.
Corporate Developments
In 2024, JTC formally changed its legal name to ‘JTC Logistics Transportation & Stevedoring Company K.S.C.P.,’ reflecting its evolving business model and strategic direction.
Future Outlook
JTC remains focused on leveraging its expanded footprint in Saudi Arabia, as well as its strong market position in Kuwait and Qatar, to drive future growth. With new infrastructure investments, operational optimizations, and a solid market position, the company is well-positioned to capture emerging opportunities in the region.
JTC is part of Kuwait Projects Company – Holding (KIPCO Group), a holding company that invests in the Middle East and North Africa. KIPCO’s main business sectors are financial services, food, petrochemicals & oil services, media, real estate and education. Its financial service interests include commercial banking, asset management and investment banking.
