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Gulf Cement Q4 profits fall; cash dividend proposed

Gulf Cement Q4 profits fall; cash dividend proposed
Board members recommended a cash dividend of 10% (Photo Credit: Arabianeye-Reuters)
Gulf Cement
GCEM
0.00% 0.41 0.00

Mubasher: Gulf Cement Co posted a decline of 18.7% in profits during the fourth quarter of 2016 as compared to the same period in 2015.

Earnings decreased to KWD 1.58 million in Q4-16 from KWD 1.95 million ($6.38 million) in Q4-15, according to a bourse statement issued on Thursday.

During the fiscal year of 2016, profits fell by 27.1% to KWD 4.141 million from KWD 5.682 million in the previous fiscal year.

Board members recommended a cash dividend of 10% or 10 fils per share for FY16, the statement added.