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Kuwait National Cinema FY17 profits grow 9%; dividends proposed

Kuwait National Cinema FY17 profits grow 9%; dividends proposed
The growth in FY17 profits is attributed to higher revenues by 9%
KCIN
KCIN
0.20% 1,479.00 3.00

Mubasher: Kuwait National Cinema reported a decline of 33.2% in profits during the fourth quarter of 2017 compared to the same period in the previous year.

Earnings decreased to KWD 1.23 million ($4.11 million) in Q4-17 from KWD 1.84 million ($6.14 million) in Q4-16, according to a bourse statement on Wednesday.

During the 2017 fiscal year, profits increased by 9% to KWD 10.17 million compared to KWD 9.33 million in the prior year.

The growth in FY17 profits is attributed to higher revenues by 9% as well as a surge of 217% in net investments income.

Kuwait Cinema’s board members recommended a cash dividend of 55% of par value or 55 fils per share.