The Public Warehousing Company (PWC)
The Public Warehousing Company (PWC) was established in 1979 to provide high quality warehousing solutions and supply chain services to local, regional, and multinational customers. PWC was privatized by the Kuwait Investment Authority in June of 1997 and is currently listed on the Kuwait Stock Exchange with a total market capitalization of approximately One Hundred Million Kuwaiti Dinars. PWC has a broad shareholding base that includes prominent private and public sector investor such as the National Real Estate Company (owners of the Free Trade Zone Concession) and the Public Institute for Social Security (PIFSS). PWC's services include the following: With over 52.5 Million Square Feet of lease-able area, PWC is the leading private sector provider of warehousing and storage solutions (e.g., covered, A/C, Frozen, Chilled, Bonded, and Open Yard) in the region. PWC's facilities in Kuwait include Sulaibiya, Free Trade Zone, Doha, Jahra, Sabhan (Airport), Dhageej (Airport), Amghara, and Mina Abdulla. In addition to leasing activities, PWC designs, develops, operates, and finances custom-designed warehousing and storage solutions for its customers.
Debt to Equity ratio 27.3% 15.5% 9.8% 11.2% PWC is one of the leading providers of third-party logistics and supply chain management services in the region. Services include customs clearing, labeling, packaging, transportation, municipality and health clearance, and distribution. Despite the great financial performance of PWC, some items in the financial statement are questionable: PWC's operating revenues have experienced little or no growth since 1996. Profits over the same period, however, were inconsistent. Net profits of KD 6 Million in 1996 were followed by KD 10 Million profits in 1997 and KD 8 Million profits in 1998. Profitability then dropped dramatically to KD 6 Million in 1999.Two factors accounted for this poor performance: the development and start-up requirements of the logistics operations, as well as the declining cash investment balances attributed to the funding of the capital expenditure program. Return on Assets 13.5% 21.3% 16.1% 12.4% Freight Forwarding, Transportation and Delivery: ------------------------------------------------------------------------ Net Profit 5,707,570 9,800,574 8,263,885 5,902,146
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Approximate Word count = 970
Approximate Pages = 4 (250 words per page double spaced)
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