Kuwait City, May 12: Advanced Technology Company (ATC), the leading distributor of comprehensive health and environmental care solutions across the public and private sectors, yesterday held its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), led by ATC Vice Chairman Faisal Sarkhou, who announced the Company’s financial results for the fiscal year ended 31 December 2023.

The Company posted yearly revenue of 168.6 million dinars, a 1.9% increase over FY 2022, and earnings of 5.03 million dinars, down 28.2% year over year. The higher cost of revenue from health services, coupled with rising interest rates resulted in a 57.2% increase in financing costs, totaling 10.8 million dinars in 2023. Earnings per share reached 33.53 fils per share in 2023, compared to 46.75 fils per share in 2022.

“Although partially offset by reduced SG&A costs, the decrease in net profit was largely attributable to the Company’s acquisition of Kuwait Medical Centre Holding Company (KMCH). ATC acquired control over KMCH in a bid to strategically strengthen its presence in the country’s expanding healthcare services sector. This segment in particular demonstrates significant growth potential, having contributed 11.4%, or 19.2 million dinars, to total revenue in 2023,” Faisal Sarkhou, Vice Chairman, ATC said.

“We are currently focused on implementing several major projects aimed at driving the company's business growth in the coming years. These initiatives are designed not only to enhance our long-term competitive position and achieve a sizable, sustainable market share but also to accelerate our growth trajectory in the years ahead,” Sarkhou added.

“Guided by our vision and driven by innovation, ATC remains steadfast in advancing healthcare excellence by providing innovative solutions. We aim to create lasting value through operational excellence and by forging strategic ties with prominent local and international medical partners. These efforts underscore our commitment to elevating Kuwait's medical landscape and delivering long-term value to our shareholders,” Ghassan Mamlouk, CEO, ATC said.

“ATC is dedicated to delivering innovative healthcare and environmental technology solutions to enhance customer satisfaction and create long-term shareholder value through disciplined execution, strategic partnerships, and principled leadership. Our goal is to emerge as the foremost end-to-end healthcare and environmental solutions provider in the region,” the CEO added.

“We anticipate delivering several projects in the coming years that will bolster ATC's revenue growth and advance the country’s healthcare system by expanding the medical infrastructure and enhancing the quality of services offered to the community,” the CEO added.