Mubasher: Manazel Holding achieved a profit of KWD 1.71 million ($5.6 million) in profits during the fourth quarter of 2016 against a loss of about KWD 102,720 ($336,410) in the same period of 2015, according to a bourse filing issued on Thursday.

During fiscal year 2016, the company’s profits increased to nearly KWD 767,920 from around KWD 417,300 in FY15.

The growth in FY16 profits resulted from selling properties for KWD 1.68 million, the statement noted.

The board members recommended zero dividends for FY16.