Kuwait – Mubasher: Independent Petroleum Group (IPG) achieved KWD 1.04 million ($3.4 million) profits for the fourth quarter of 2016, lower 52.7% year-on-year from KWD 2.2 million ($7.2 million), the unaudited results revealed.

Over the fiscal year 2016, net profits rose 31.8% year-on-year to KWD 5.01 million from KWD 3.8 million.

The board of directors recommended distributing cash dividends at 30 fils per share, or 30% of the stock’s nominal value.