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Shuaiba Industrial profits rise marginally in 2017

Shuaiba Industrial profits rise marginally in 2017
Shuaiba Industrial’s board members recommended a cash dividend of 17%
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Mubasher: Shuaiba Industrial achieved a surge of 101.4% in profits during the fourth quarter of 2017 compared to the same period in the previous year.

Earnings soared to KWD 419,000 ($1.4 million) in Q4-17 from KWD 208,000 ($695,100) in Q4-16, according to a bourse statement on Wednesday.

During FY17, Shuaiba Industrial reported a growth of 1.6% in profits to KWD 1.9 million compared to KWD 1.87 million in FY16.

The increase in FY17 profits is attributed to higher operating profits, the statement added.

Shuaiba Industrial’s board members recommended a cash dividend of 17% or 17 fils per share for FY17.

It is noteworthy that the company achieved a growth of 10.8% in profits to KWD 1.48 million during the first nine months of FY17 compared to KWD 1.66 million in the same period in Fy16.