Mubasher: Gulf Insurance Group posted a decline of 49.5% in profits during the fourth quarter of 2016, as compared to the same period a year ago.

Earnings shrank to KWD 1.44 million ($4.71 million) in Q4-16 from KWD 2.85 million ($9.31 million) in Q4-15, according to a bourse filing issued on Wednesday.

During fiscal year 2016, profits fell by 14.8% to KWD 12 million from KWD 14.09 million.

The board members recommended a cash dividend of 40% or 40 fils per share for FY16, the statement added.

At the stock level, Gulf Insurance ended Wednesday’s session at 600 fils after about 39,660 shares were traded at a value of nearly KWD 23,790.