Page 37 - JTC-Annual Report-2025-Eng
P. 37

INDEPENDENT AUDITOR’S REPORT




            The Shareholders
            JTC Logistics Transportation & Stevedoring Company. K.S.C.P.
            State of Kuwait


            REPORT ON THE AUDIT OF THE CONSOLIDATED FINANCIAL STATEMENTS




            Opinion
            We have audited the consolidated financial statements of JTC Logistics Transportation &
            Stevedoring Company. K.S.C.P. (the “Parent Company”) and its subsidiaries (collectively, “the
            Group”), which comprise the consolidated statement of financial position as at December 31, 2025,
            and the consolidated statements of profit or loss, profit or loss and other comprehensive income,
            changes in equity and cash flows for the financial year then ended, and notes to the consolidated
            financial statements, including a summary of material accounting information.
            In our opinion, the accompanying consolidated financial statements present fairly, in all material
            respects, the consolidated financial position of the Group as at December 31, 2025, and its
            consolidated financial performance and its consolidated cash flows for the financial year then
            ended in accordance with IFRS Accounting Standards (IFRSs).

            Basis for Opinion

            We conducted our audit in accordance with International Standards on Auditing (ISAs). Our
            responsibilities under those standards are further described in the Auditor’s Responsibilities for
            the Audit of the Consolidated Financial Statements section of our report. We are independent of
            the Group in accordance with the International Ethics Standards Board for Accountant’s Code
            of Ethics for Professional Accountants (including International Independence Standards) (IESBA
            Code)  together  with  ethical  requirements  that  are  relevant  to  our  audit  of  the  consolidated
            financial statements, and we have fulfilled our other ethical responsibilities in accordance with
            the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate
            to provide a basis for our opinion.


            Key Audit Matters
            Key audit matters are those matters that, in our professional judgment, are of most significance
            in our audit of the consolidated financial statements of the current year. These matters were
            addressed in the context of our audit of the consolidated financial statements as a whole, and
            in forming our opinion thereon, and we do not provide a separate opinion on these matters. We
            have identified the following key audit matter to be communicated in our report.

            Valuation of investment properties

            Investment properties as at December 31, 2025 amounting to KD 12,114,340 (2024: KD 11,922,000)
            represent a significant part of the Group’s total assets. The valuation of investment properties is
            a key audit matter because it contains significant judgments and assumptions that are highly
            reliant  on  estimates.  The  Group’s  policy  is  to  evaluate  investment  properties  at  least  once  a
            year through licensed external valuers. These assessments are based on assumptions such as
            market knowledge, developer risks and historical transactions. For the purpose of estimating the
            fair value of investment properties, valuers had used valuation techniques of sales comparison,
            taking into consideration the nature and use of investment properties. We have reviewed the


    36                                 JTC LogisTiCs TransporTaTion & sTevedoring Company K.s.C.p.
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