Mubasher: The preliminary financial statements of Independent Petroleum Group (IPG) reported a growth of 24.4% in profits during fiscal year 2017 compared to 2016.

Earnings increased to KWD 6.23 million in FY17 from KWD 5.01 million in FY16, according to a statement on Wednesday.

Earnings per share (EPS) stood at 37.3 fils in FY17 compared to 33.6 fils in FY16.

The impact of IPG’s capital hike in 2017 was taken into consideration regarding the average number of shares when calculating the EPS.

IPG’s capital stands at KWD 18.84 million distributed on 188.4 million shares.

The board members have recommended 30% as cash dividends or 30 fils per share; this is the same percentage approved for dividends in 2016.