Mubasher: United Projects Company for Aviation Services (UPAC) achieved an increase of 22.4% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings grew to KWD 2.79 million ($9.32 million) in Q4-17 from KWD 2.28 million ($7.62 million) in Q4-16, according to a bourse statement on Tuesday.

During the fiscal year 2017, UPAC recorded a rise of 11.4% in profits to KWD 9.65 million from KWD 8.44 million in FY16.

The increase in FY17 profits is attributed to higher operating profits.

UPAC’s board members recommended a cash dividend of 121% or 121 fils per share for FY17.