Mubasher: Arkan Al Kuwait Real Estate registered a decrease of 48% in profits during the fourth quarter that ended on 31 October 2018 compared to the same period in the prior year.

Earnings shrank to nearly KWD 349,740 ($1.15 million) in Q4 ended in October this year from around KWD 666,770 ($2.19 million) in the corresponding period last year, according to a bourse disclosure on Tuesday.

During the fiscal year that ended on 31 October 2018, Arkan Al Kuwait posted a decline of 20% in profits to KWD 2.87 million from KWD 3.58 million in the same period last year.

The board of directors has recommended a cash dividend of 8% of the capital or 8 fils per share for fiscal year ended in October.

It is noteworthy that Arkan Al Kuwait has a capital of KWD 25.11 million distributed on 251.15 million shares.

The company’s assets totalled KWD 54.80 million this year from KWD 55.78 million a year ago, a year-on-year decline of 2%.

Operating revenues decreased by 13% to KWD 5.06 million this year from KWD 5.79 million last year.

At the stock level, Arkan Al Kuwait closed Tuesday 2.92% lower at 83 fils.