Mubasher: Kuwait Resorts Co. (Muntazahat) on Thursday announced that its shareholders had approved a cash dividend distribution of 5% with a per-share dividend of 5 fils for 2017 during an ordinary general meeting (OGM) held the previous day.

The dividends will be distributed on 18 June to the shareholders registered in records on 6 June, the Kuwaiti firm said in a filing to Boursa Kuwait.

For the first quarter of 2018, Muntazahat reported a drop of 3% in profits to KWD 534,93, compared to about KWD 553.89 in the same period a year ago.

In the same vein, the real estate and hospitality business firm posted a decline of 17.4% in profits to KWD 1.9 million during the fiscal year 2017, versus KWD 2.3 million in the year before.

By 12:29 pm Kuwait time, Muntazahat's stock rose 1.6% to 57.7 fils.