Mubasher: Al Salam Group Holding on Tuesday reported a 93.6% year-on-year profit hike in the fourth quarter of 2018.

The group’s profits amounted to KWD 605,650 ($2 million) in Q4-18, compared to KWD 312,820 ($1.03 million) in the prior-year period, according to a statement to Boursa Kuwait.

From January to December 2018, Al Salam Group Holding turned a profit after generating KWD 317,950, against suffering a loss of KWD 83,080 in 2017.

The firm, which is listed on Boursa Kuwait and the Dubai Financial Market (DFM), attributed the improvement in 2018 financials to an increase in revenues of contracts.

On Monday, Al Salam Group Holding’s board of directors recommended not to distribute cash dividends for 2018.