Page 84 - JTC-Annual Report-2025-Eng

JTC Logistics Transportation & Stevedoring Company K.S.C.P
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As at December 31, 2025
(All amounts are in Kuwaiti Dinars)

2025 2024

Current 600,035 635,110

Non-current 346,484 561,091
946,519 1,196,201

12. PROVISION FOR END OF SERVICE INDEMNITY

2025 2024

Balance as at the beginning of the year 2,098,562 1,869,168

Charge for the year 295,051 326,459
Paid during the year (178,506) (96,416)

Foreign currency translation adjustments 1,563 (649)

Balance as at the end of the year 2,216,670 2,098,562

13. SHARE CAPITAL

The Parent Company’s authorized, issued and paid-up capital comprises of 150,000,000 (2024:
150,000,000) shares of 100 fils each and all shares are paid in cash.

14. STATUTORY RESERVE

As required by the Companies Law and the Parent Company’s Articles of Association, 10% of
the profit for the year attributable to shareholders of the Parent Company before contribution
to KFAS, NLST, Zakat and Board of Director’s remuneration is to be transferred to statutory
reserve. The Parent Company may resolve to discontinue such annual transfers when the reserve
exceeds 50% of the capital. This reserve is not available for distribution except for in certain cases
stipulated by Law and the Parent Company’s Articles of Association. Distribution of this reserve
is limited to the amount required to enable payment of a dividend of 5% of share capital in years
when accumulated profits are not sufficient for the payment of a dividend of that amount.The
Shareholders’ Ordinary General Assembly held on October 15, 2025, approved to transfer the
surplus of the statutory reserve to retained earnings, such that the maximum reserve shall be an
amount equal to fifty percent (50%) of the Parent Company’s capital, starting from the financial
year ending December 31, 2025, and thereafter.

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