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Kuwait Port Authority posts $159m net profits for ’18-19

Kuwait Port Authority posts $159m net profits for ’18-19

KUWAIT CITY: Kuwait Port Authority (KPA) reported net profits of KD 48.4 million, equaling USD 159 million, for the fiscal year 2018-2019. In addition to other KD 97.45 million (USD 318 million) profits made in that same fiscal year, this is, so far, the highest revenue in KPA’s history since its establishment, KPA’s Director- General Sheikh Youssef Al-Abdullah Al-Sabah said in a press conference.

KPA’s expenses for 2018-2019 estimated around KD 48.9 million, equaling USD 160 million, added Al-Sabah. Meanwhile, KPA chief indicated that such a record- high revenue is due to the Authority’s threefactor strategy; anti-corruption, cost-saving, and recruitment of national workforce, which proved its competence in technical and field work at Shuwaikh, Shuaiba and Doha ports.

Furthermore, these revenues reflect Kuwait’s status on the region map not only as an importer of goods, but also as an exporter to neighboring countries, he said, noting some 15,000 cars, tons of goods, and thousands of trucks were exported to neighboring countries.

KPA works in accordance with a good plan that is on a par with His Highness the Amir’s vision (New Kuwait 2035), which aims to transform the country into a financial and commercial hub in the region, affirmed Al-Sabah.