Mubasher: Kuwait Cement achieved an increase of 15.4% in profits during the fourth quarter of 2017 compared to the same period in the same period in the previous year.

Earnings increased to KWD 4.94 million ($16.5 million) in Q4-17 from KWD 4.28 million ($14.3 million) in Q4-16, according to a bourse statement on Tuesday.

During fiscal year 2017, Kuwait Cement registered a drop of 11.8% in profits to KWD 17.19 million compared to KWD 19.49 million in the previous fiscal year.

The decline in FY17 is attributed to higher financing costs of about KWD 480,450 as well as a decrease in the consolidated profit for KWD 3.55 million.

The board members of Kuwait Cement recommended a cash dividend of 20% or 20 fils per share for FY17.

It is noteworthy that during the first nine months of 2017, Kuwait Cement posted a decrease of 19% to KWD 12.25 million compared to KWD 15.2 million in the same period a year ago.