• PUMC sees 25% increase in profits compared to 2022
• Over 10 million Dinars in profits for 2023 gained
• Doubled shareholder equity over the past five years
Public Utilities Management Company (PUMC) has announced a remarkable achievement, surpassing 10 million Dinars in profits for the year 2023. This represents a 25% increase compared to 2022 and marks the highest profits since the company’s inception. The company’s growth is attributed to a strategic transformation that has doubled its shareholder equity over the past five years.
Celebrating a landmark year
Dr. Mohammad Al-Abdulijader, Chairman of the Board of Directors at PUMC, expressed his pride in the company’s accomplishments, stating, “This is a historic year for Public Utilities Management Company. The record-breaking profits we have achieved are a testament to our unwavering commitment to excellence and our unwavering belief in the company’s potential. We are confident that this is just the beginning of even greater success in the years to come.”
Al-Abdulijader highlighted the company’s dedication to addressing the concerns of regulatory bodies and its commitment to upholding the highest standards of governance and transparency. He emphasized the significance of the company’s consistent profit growth, which reflects its focus on revenue maximization, operational expansion, and the resilience of its business model across all sectors.
Sustaining momentum and expanding horizons
Eng. Saleh Al-Othman, CEO of PUMC, expressed optimism about the company’s continued growth trajectory. He attributed this confidence to the implementation of a comprehensive development plan that encompasses all aspects of success,guided by a clear vision to increase operational revenue from the company’s numerous facilities across Kuwait. This unwavering commitment to growth reinforces the company’s strength, capabilities, and adaptability in all aspects of its operations.
Al-Othman elaborated on the company’s ongoing efforts to enhance its services in line with the ambitious plan set forth by the Board of Directors. This plan encompasses the complete renovation of the company’s facilities, keeping pace with the latest advancements through renovations and upgrades, and implementing exemplary management and operational practices in accordance with the highest standards that ensure the safety and security of the company’s customers.
Additionally, the company has embarked on the development of the Central Gold Market and the implementation of two commercial complexes in the city of Al-Shiddiyah, adhering to the established timelines.
Al-Othman further highlighted the company’s commitment to digital transformation, emphasizing the significant progress made in this area. This initiative aligns with the company’s new strategy, which focuses on implementing a suite of advanced and intelligent technological solutions to enhance operational efficiency and generate revenue from the company’s parking facilities and other assets, as per the plan devised by the professional Board of Directors aimed at digitizing all services.
He noted the company’s successful transition to electronic archiving for all data, eliminating the need for physical records.This milestone represents a significant step towards full digital transformation, embracing online data and transactions through the internet and smart applications, in pursuit of a completely paperless company.
Reiterating commitment to excellence
Al-Othman reaffirmed the dedication of PUMC’s leadership and staff to the path of development and advancement outlined by the Board of Directors. This commitment aims to reinforce the role of Public Utilities Management Company in achieving the objectives of Kuwait Vision 2035. He emphasized the company’s unwavering adherence to international safety, security,and environmental standards, ensuring the delivery of exceptional service with the highest quality.
Al-Othman concluded by stating, “We are confident that 2025 will be the year of continuous development and renovation for the company’s facilities.”
