Mubasher: Kuwait and Gulf Link Transport’s (KGL) shareholders approved the board’s proposal to distribute bonus shares at 5% of paid-up capital or 5-for-100 shares for the full fiscal year 2018 during a meeting held on Wednesday, 22 May.

The total value of bonus shares amounted to KWD 1.387 million, according to a statement to Boursa Kuwait.

The company’s board is keen on making an equation ensuring the company’s sustainable development, KGL’s chairman said on the sidelines of the meeting.

KGL will carry out sustainable development by diversifying activities, services, signing logistic deals for transportation and storage, and developing storage areas in Kuwait and the GCC, especially in Saudi Arabia, Maher Marafie added.

The chairman further noted that the firm will ink new investment contracts with public and private sectors over the coming period.

The Boursa Kuwait-listed company affirmed that it seeks to generate higher profits over the course of this year, expand in the local and regional markets, and foray into new sectors.

In the first quarter of 2019, KGL’s profits slumped 61.7% to KWD 553,440 from KWD 1.4 million during Q1-18.

In 2018, KGL’s profits tumbled 68% to KWD 3.45 million, compared to KWD 10.79 million a year ago.