Mubasher: Gulf Insurance Group reported a drop of 14.3% in profits during fiscal year 2017 compared to the previous fiscal year.

Earnings decreased to KWD 10.3 million ($34.5 million) in FY16 from KWD 12 million ($40.2 million) in FY16, according to a recent statement.

Gulf Insurance noted that the earnings per share stood at 57.48 in FY17.

The board members recommended a cash dividend of 30% or 30 fils per share, subject to the approval of Gulf Insurance’s ordinary general meeting (OGM) and the concerned regulatory entities.

Gulf Insurance’s book value stood at 472 fils per share as registered on 31 December 2017 compared to 460 fils in FY16, the statement noted.

Shareholders’ equity rights increased by 2.7% or KWD 2.2 million to KWD 84.5 million in FY17 from KWD 82.3 million in the prior fiscal year.

The group’s premiums value registered a growth of 42.9% or KWD 91.6 million to KWD 304.8 million in FY17.

Net income from investments and revenues increased by 3.7% or KWD 400,000 to KWD 10.5 million in FY17 when compared to the previous fiscal year.

At the stock level, Gulf Insurance closed Sunday’s session 0.71% lower at 695 fils.