The 53rd Annual General Meeting (AGM) of Contracting and Marine Services Company was successfully conducted, with all agenda items receiving approval. Of particular significance was the approval to distribute cash dividends amounting to 5% of the nominal value (5 fils per share) for the financial year 2022.
During the AGM held today, Eng. Ali Al-Shammari, Chairman and CEO of the company, addressed the attendees with an impressive 94% attendance rate. He announced that the company had achieved a net profit of KWD 2.27 million. Furthermore, he highlighted the remarkable growth observed in the financial indicators of the group's consolidated financial statements for the financial year ended 31 December 2022.
Al-Shammari emphasized that the company's positive outcomes were attributable to the Board of Directors’ support and the dedicated and diligent efforts of the company's employees, as well as its subsidiaries. Their commitment to implementing the company's strategy and vision played a pivotal role in achieving its goals. He further noted that the growth in the company's key financial indicators was bolstered by significant advancements in the group's operating revenues. This growth signifies a robust performance despite local and global difficulties and challenges.
He highlighted that Contracting and Marine Services Company secured a contract award from Kuwait Oil Company, being one of three chosen companies, for the maintenance, supply, and installation of artificial lift pumps in the northern fields of the State of Kuwait. The purpose of this project is to extract heavy oil. The contract is valued at KWD 35 million.
He highlighted that the company's executive management, in collaboration with its subsidiaries, has been steadfast in advancing the implementation of the group's strategy. This entails a prudent, well-balanced, and well-planned expansion in the oil sector, aligning with the plans set by Kuwait Petroleum Corporation (KPC) through Kuwait Drilling Company. The company holds a certain percentage of capital (Q) and participation (I) in Kuwait Drilling Company, which operates with exceptional efficiency and proficiency. With ownership of 40 oil drilling rigs and maintenance equipment, it has secured various agreements with Kuwait Oil Company and engaged in joint operations in Wafra.
He mentioned that one of the notable subsidiaries is International Marine Construction Company, which was established in 1975 and is wholly owned by the company. This subsidiary has achieved continuous success for over 47 consecutive years. It specializes in the construction and maintenance of oil wells and maritime transport lines. Additionally, it is actively engaged in fulfilling its contract obligations with Kuwait Gulf Oil Company and Aramco Gulf Operations Company in Al-Khafji Joint Operations (KJO). Furthermore, it has participated in the tender for the maintenance service of offshore oil and gas facilities offered by KJO, specifically for the operations related to Jawhara III.
Al-Shammari disclosed that International Marine Construction Company has taken the initiative to establish a subsidiary called Saudi International Marine Construction Company. Efforts are currently underway to collaborate to qualify the company to receive offers from Aramco, with the aim of exploring opportunities within the GCC market. Additionally, the company has established Zone Global, a company specialized in logistics services such as transportation, storage, and support for equipment and drilling rigs in the field of exploration operations. This subsidiary has obtained qualification from Kuwait Oil Company to actively participate in tenders offered within the local market for such services.
He further stated that in 2022, Capital Energy General Trading and Contracting Company was established, specializing in the oil business. The company is currently undergoing the necessary procedures to qualify for participation in tenders offered by Kuwait Oil Company, Kuwait Gulf Oil Company, and other oil companies within the local market. These qualification procedures are expected to be finalized soon.