Mubasher: The board of Kuwait Portland Cement agreed to cut the proposed cash dividend distribution for fiscal year (FY) 2019 to KWD 4 million 40% of the company's capital from 75% or KWD 7.52 million.

The decision was taken in light of the effects of the coronavirus (COVID-19) on the Kuwaiti economy and the company’s business operations, according to a statement to Boursa Kuwait on Thursday.

Moreover, the announcement has no material impact on the company’s financial position.

Last year, Kuwait Portland Cement logged a 26.4% profit decline to KWD 7.59 million ($24.88 million) from KWD 10.32 million ($33.82 million) a year earlier.