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KFH logs 10.4% higher annual profits in 2019; dividends approved

KFH logs 10.4% higher annual profits in 2019; dividends approved
Net profits registered KWD 60.53 million in Q4-19
2.40% 682.00 16.00

Mubasher: The financial statements of Kuwait Finance House (KFH) revealed a net profit attributable to the owners of the parent company worth KWD 251.02 million ($828.32 million) over the fiscal year ended 31 December 2019, up by 10.4% year-on-year (YoY) from KWD 227.41 million ($750.41 million).

Earnings per share (EPS) increased by 10.3% annually at KWD 36.45 last year from KWD 33.06, according to a statement to the Kuwaiti bourse on Monday.   

Over the fourth quarter (Q4) of last year, net profits registered KWD 60.52 million, 3.8% higher than KWD 58.31 million in the same quarter in 2018.

In the meantime, EPS amounted to KWD 8.78 in Q4-19 from KWD 8.48 in Q4-18, up by 3.5%.

KFH, moreover, attributed the increase in the annual net profits primarily to higher net operating income by 12.5% on the back of the growing total operating income by 9.2%.

It further approved the cash dividend distribution of KWD 137.98 million or 20 fils per share, representing 20% of the share’s nominal value as well as bonus shares totalling 69.76 million or 10 shares for every 100 shares, representing 10% of the issued and paid-up capital.