Mubasher: Al Kout Industrial Projects posted a decline of 57.4% in profits to KWD 677,000 ($2.26 million) during the fourth quarter of 2017 compared to KWD 1.59 million ($5.31 million) in the same period a year ago.

During fiscal year 2017, the Boursa Kuwait-listed company achieved a growth of 6.5% in profits to KWD 6.22 million versus KWD 5.84 million in FY16, according to a bourse statement on Monday.

The increase in FY17 profits is attributed to higher sales and a growth in reserves, Al Kout noted in the statement.

Al Kout’s board members recommended distributing a cash dividend of 50% or 50 fils per share for FY17, with a total value of KWD 5.05 million.