Kuwait Ports Authority records historic revenues in FY 2023-24

Kuwait Ports Authority (KPA) saw its bottom line increase to KWD 59.9 mn and recorded KWD 104.7 mn in revenues in FY 2023-24, up 100% when compared to net income posted in the previous two fiscal years, Arab Times reports.

Behind the numbers: The boosted performance is attributed to strong financial discipline in expenses, efforts to ensure sustainable growth in earnings, and other measures applied to “correct” KPA’s finances and operations which led to lower earnings over the past two periods, the report said.

Looking ahead: KPA’s income will go towards developing the port authority’s operations, the report notes. Numerous suggestions are under study in this regard, including boosting charges and fees, leasing and investing in KPA-held land, as well as other investment proposals.

Already in progress: KPA is lining up a KWD 200 mn (c. USD 649.3 mn) integrated logistics hub at Shuwaikh Port. The project is slated for completion by 2028 and will include multi-story warehouses, administrative buildings, support services, and exhibition halls. KPA has also kicked off the first phase of a KWD 48.8 mn project to redevelop ports at Shuwaikh Port.