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.
018 PWC has one of the broadest line of products in the industry. The company's assets earned a return higher than the borrowing costs the company incurred. The lawsuits filed against the company by contractors and customers for compensation. Conclusion: PWC has performed exceptionally well over the past several years and is expected to perform even better in the future. Since PWC is an asset quality company, debt to equity is very important ratio for the company. Red Flags: Despite the great financial performance of PWC, some items in the financial statement are questionable:The huge decrease in fixed deposits from KD 28 Million to KD 10 Million between 1998 and 1999. The Projects on Stream:The Projects Department at PWC is currently involved in the supervision and management of projects that provide high quality warehousing solutions, supply chain services, Industrial Parks, Market Complex, Industrial Plots and a multi-purpose Complex consisting of offices and stores for air passengers. PWC's return on equity was relatively high in the last 2 years. It has a large customers base, a broad line of products, a dominant share of the warehousing and storage market, and a fair position in Logistics and supply chain services. 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. Industrial Parks: Construction of Additional Units at the Industrial Areas at Sulaibiya and JahraWarehouses:Sabhan Warehousing ComplexSulaibiya Complex PWC's Financial Performance, 1996-1999: 1996 1997 1998 1999 KD KD KD KDNet Profit 5,707,570 9,800,574 8,263,885 5,902,146Operating Revenues 9,299,656 8,350,243 8,237,386 8,501,890Shareholders' Equity 33,210,437 39,841,604 46,791,405 42,688,213Debt to Equity ratio 27. The company has a great potential to grow. Best known for its high quality warehousing and storage solutions, PWC had diversified, over the past several years, into other products, including commerce-related logistics and IT Services.
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