Mubasher: The profits of Al Imtiaz Investment Group slid by 1.5% year-on-year (YoY) during the fiscal year ended on 31 December 2019 to reach KWD 19.72 million ($65.07 million) when compared to KWD 20.02 million ($66.08 million).
The lower annual profits are attributed to the increase in provisions, according to a bourse statement on Thursday.
Over the fourth quarter (Q4) of last year, the company suffered a loss of KWD 5.1 million, against a profit of KWD 2.96 million in the same quarter in 2018.
Moreover, the company’s board recommended, during its meeting held on Wednesday 22 January, distributing cash dividends of 10 fils per share or 10% of the share’s nominal value.
It is worthy to note that during the first nine months of 2019, the company achieved profits worth KWD 24.81 million, up by 45.3% from KWD 17.1 million a year earlier.