Mubasher: Kuwait-based firm Gulf Petroleum Investment (PetroGulf) turned profitable in the fourth quarter of 2017, against suffering losses in the year-ago period.

PetroGulf’s profits amounted to KWD 1.28 million ($4.28 million) during Q4-17, versus a loss of KWD 98,000 ($327,910) in Q4-16, according to a statement to Boursa Kuwait.

For the full-year 2017, the company’s losses declined to KWD 2.35 million, compared to KWD 2.28 million in the year before.

The Kuwaiti oil firm attributed the decrease in annual net profits to a halt in offshore and onshore rig operations. 

PetroGulf’s board of directors on Thursday recommended not to distribute cash dividends for the fiscal year ended 31 December 2017.

PetroGulf’s stock levelled up 1.67%, to close Thursday at 24.4 fils, after 165,200 shares were exchanged, with a liquidity of KWD 4,020.