Mubasher: Mezzan Holding Co registered a decrease of 29.7% in profits during the fourth quarter of 2017 compared to the same period in the prior year.

Earnings shrank to KWD 2.84 million ($9.48 million) in Q4-17 from KWD 4.04 million ($13.49 million) in Q4-16, according to a bourse statement on Monday.

During fiscal year 2017, the Kuwait-based industrial conglomerate posted a decline of 24.7% in profits to KWD 12.94 million from KWD 17.18 million in the previous fiscal year.

The geopolitics conflict in the region has impacted Mezzan’s FY17 financials due to temporary volatility in the supply chain and exports, the statement added.

The board of Mezzan recommended a cash dividend of 22% or 22 fils per share for FY17.