Mubasher: Kuwait-based KGL Logistics on Monday posted a 744.6% year-on-year jump in profits during the fourth quarter of 2018.

The company’s profits amounted to KWD 503,390 ($1.66 million) in Q4-18, compared to KWD 59,590 ($196,290) during Q4-17, according to a statement to Boursa Kuwait.

The firm’s profits inched down 0.34% to KWD 5.93 million from January to December 2018, compared to KWD 5.95 million in 2017.

The slight decline in 2018 profits was attributed to a drop in the industrial activity.

KGL Logistics’s operating profits levelled down 1.44% to KWD 6.36 million last year, from KWD 6.45 million during 2017.

The board of directors recommended the distribution of KWD 3.67 million, representing 5% of its capital, as bonus shares for the full fiscal year 2018.