Kuwait - Mubasher: Alargan International Real Estate Company (ARGAN) turned to profitability in the fourth quarter of 2016, according to the company’s financial statements.

The company’s profits of Q4-16 reached KWD 650,000 ($2.13 million) against losses of KWD 7.62 million ($25 million) in Q4-15, according to Alargan’s statement to Boursa Kuwait on Sunday.

Profits retreated 89.2% in 2016 reaching KWD 1.81 million compared to KWD 16.73 million in 2015, according to the statement.

In the first nine months of 2016, the company achieved profits of KWD 1.16 million compared to KWD 24.35 million in the same period the year before, dropping 95.22%.

The board of directors recommended distributing cash dividends of 10 fils per share, or 10% of the company’s capital, according to the statement.