Mubasher: The net profits of Mabanee Co rose by 7.39% to reach KWD 56.41 million in the fiscal year ended 31 December 2019 when compared to KWD 52.53 million in the previous year. 

Earnings per share (EPS) amounted to KWD 54.24 last year, up by 7.26% annually from KWD 50.57, according to a statement to the Kuwaiti bourse on Tuesday.

During the fourth quarter (Q4) of 2019, net profits increased by 6% to stand at KWD 14.1 million from KWD 13.3 million in the comparative quarter in 2018.

The higher annual profits were backed by a “gradual increase in the occupancy rate of Phase IV and benefits resulting from economies of scale [which have] resulted in the bottom-line performance,” the statement said. 

Moreover, the company’s board recommended a cash dividend distribution of 14 fils per share or 14% of the share’s nominal value for 2019 as well as a bonus shares distribution of 6-for-100 shares or 6% of the capital.   

In the first nine months of 2019, Mabanee’s profit rose by 7.9% annually at KWD 42.31 million from KWD 39.23 million.