Mubasher: Gulf Cable and Electrical Industries said that its extraordinary general meeting (EGM) approved the board’s recommendation to distribute 25% of the capital as cash dividends for fiscal year 2017.

The company will pay 25 fils per share as a dividend to the entitled shareholders, with a total value of KWD 5.2 million ($17.3 million), according to a bourse statement on Monday.

Gulf Cable will distribute FY17 dividends on 4 June to the shareholders of record date on 28 May.

In FY17, Gulf Cable achieved a growth of 20.4% in profits to KWD 8.26 million compared to KWD 6.86 million in the prior fiscal year.

At the stock level, Gulf Cable closed Monday’s session 0.51% lower at 387 fils.