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Salhia Real Estate FY17 profits grow; dividends proposed

Salhia Real Estate FY17 profits grow; dividends proposed
Earnings rose to KWD 4.81 million ($16.06 million) in Q4-17
SRE
SRE
-1.26% 469.00 -6.00

Mubasher: Salhia Real Estate achieved an increase of 15.4% in profits during the fourth quarter of 2017 compared to the corresponding period in 2016.

Earnings rose to KWD 4.81 million ($16.06 million) in Q4-17 from KWD 4.17 million ($13.92 million) in Q4-16, according to a bourse statement on Monday.

During the 2017 fiscal year, Salhia Real Estate reported a growth of 29.4% to KWD 15.82 million compared to KWD 12.23 million in the previous fiscal year.

The increase in FY17 profits is attributed to lower financing costs, the Kuwait-based real estate firm said. 

Salhia Real Estate’s board recommended a cash dividend of 20% or 20 fils per share for FY17.