Mubasher: Heavy Engineering Industries and Shipbuilding (HEISCO) achieved a surge of 62.15% in profits during the fourth quarter of 2018 compared to the same period a year ago.

Earnings increased to KWD 2.54 million ($8.37 million) in Q4-18 from KWD 1.56 million ($5.14 million) in Q4-17, according to a bourse statement on Tuesday.

During fiscal year 2018, HEISCO reported a growth of 58.89% in profits to KWD 9.64 million from KWD 6.07 million in the previous year.

The increase in FY18 is attributed to a rise of 6.55% in operating revenue to KWD 181.43 million compared to KWD 170.27 million in FY17.

HEISCO noted that its board members recommended 30% of the capital to be distributed as cash dividends for FY18 or 30 fils per share at a total value of KWD 5.41 million.

At the stock level, HEISCO closed Tuesday’s session 1.76% higher at 405 fils.