Mubasher: Osos Holding Group Co achieved a profit of nearly KWD 193,860 ($648,300) during the fourth quarter of 2017 against a loss of KWD 2.23 million ($7.5 million) in the same quarter last year.

During fiscal year 2017, earnings shrank by 60.4% to KWD 1.14 million compared to KWD 2.88 million in FY16, according to a bourse statement on Monday.

The decline in profits during FY17 is attributed to exceptional earnings from suspended business in fiscal year 2016 at a total value of KWD 11.9 million, the statement added.

The board members of Osos recommended a cash dividend of 10% or 10 fils per share for FY17 at a total value of KWD 1 million.

Osos noted that the maturity date for these dividends will be on 28 March, while the distribution date will be on 29 March.