Kuwait - Mubasher: The financial statements of Ajial Real Estate Entertainment Company (AREEC) showed a decline in losses in the fourth quarter of 2016 by 22.7% year-on-year, according to a bourse filing.

Losses reached KWD 888,620 ($2.91 million) in Q4-16 compared to KWD 1.15 million ($3.76 million) in Q4-15, according to the company’s statement to Boursa Kuwait on Monday.

The company added that annual profits in 2016 reached around KWD 1.5 million compared to nearly 760,300 in 2015, with a growth rate of 97.3%.

The growth in annual profits is attributed to the increase in the profits of a sister company by KWD 2.03 million.

The board of Ajial also recommended the distribution of cash dividends at 5% of capital.