Mubasher: Osoul Investment Company is seeking to offload unprofitable assets, the company’s CEO said.

Osoul will pump the proceeds in income-generating projects, Suleiman Ahmed Al Omairi told the company’s general assembly held on Wednesday.

Al Omairi further noted that the firm will capitalise on its very good reputation to boost investments in the domestic and overseas markets over the coming period.

Osoul last year exited from real estate investments in the US which led to achieve a net profit of KWD 176,900.

The general assembly also approved not to distribute cash dividends for the fiscal year 2018, deduct 10% of net profits to be added to legal reserves, and authorise the board to purchase or sell not more than 10% of the firm’s shares.

In 2018, Osoul’s profits tumbled 30.4% to KWD 702,670 from KWD 1.01 million a year earlier.