ATC holds its AGM, approves a 20% bonus share distribution
KUWAIT: Advanced Technology Company (ATC), the leading provider of comprehensive healthcare and environmental solutions for both the public and private sectors, held its Annual and Extraordinary General Assembly for the fiscal year ended December 31, 2024.
During the meeting, shareholders approved all items on the agenda, including the Board of Directors' recommendation to distribute bonus shares at a rate of 20 percent of the issued and paid-up capital, in a move that reflects shareholders' confidence in the company's future strategy.
In 2024, ATC achieved a notable growth of 6.3 percent in total revenues, reaching KD 179.2 million, compared to KD 168.6 million in 2023. Recurring revenues—which include maintenance services and medical supplies—also grew by 4 percent year-on-year, reaching KD 109.2 million, reflecting the company's stable and efficient operational performance.
The healthcare services sector, launched in 2023, contributed KD 30 million, representing 16.8 percent of total revenues, underscoring the sector's strategic importance and significant growth potential on the long-term. Regarding profitability, net profit attributable to the shareholders of the parent company reached KD 0.7 million in 2024, with earnings per share standing at 4.69 fils.
Strategic healthcare projects underway
ATC continues to execute several major projects in the healthcare infrastructure sector, most notably Al-Sabah Hospital and the Kuwait Cancer Control Center, both expected to be completed in 2025. The successful completion of the New Maternity Hospital project in 2024 marked a significant addition to the country's healthcare system and supported national efforts to enhance and expand medical infrastructure.
A forward-looking vision
ATC is advancing an ambitious growth strategy aimed at accelerating development within the healthcare sector, with a strong emphasis on innovation and the cultivation of strategic partnerships both locally and internationally. Through these efforts, the company continues to strengthen its market leadership in Kuwait while delivering added value to shareholders by offering cutting-edge solutions aligned with the evolving demands of a modern healthcare system.
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The COVID-19 pandemic highlighted the risks of relying entirely on imported goods, with huge losses and supply disruptions that affected everyone. There hasn't been a major public uproar over the lack of industrial security, which continues to cost Kuwait's budget substantial amounts, despite the country's vast land resources that could be harnessed to develop a strong industrial base and position Kuwait as a regional economic power. Indeed, when the Cabinet faced widespread criticism, many observed its efforts to revise and correct its course. This response should not be seen as a sign of disregard for the law, but rather as a demonstration of the Cabinet's flexibility and its willingness to reverse measures that prove ineffective. The truth is that raising fees on the use of state property will not significantly improve the general budget, as the amounts collected are relatively modest. 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