LOGISTICS
Mubasher: KGL Logistics reported a drop of 79.4% year-on-year in profits for the fourth quarter of 2017.
Profits declined to KWD 70,000 ($234,230) in Q4-17, down from KWD 340,000 ($1.14 million) in the same quarter a year earlier, according to a bourse filing on Thursday.
As for the full year 2017, the logistics services provider’s profits fell 0.34% to KWD 5.95 million versus KWD 5.97 million in the prior year.
During the first nine months of 2017, earnings increased by 4.5% to KWD 5.88 million against KWD 5.63 million in the corresponding period of 2016.
KGL Logistics' board recommended distributing bonus shares, representing 5% of the company's capital at an 5-for-100 ratio.