Mubasher: Amwal International Investment achieved a 20% annual decline in net profits in the fiscal year ended 31 December 2019.  

The profits slid to KWD 488,454 (approx. $1.61 million) last year from KWD 607,618 (approx. $2 million) in the corresponding fiscal year, according to a statement to the Kuwaiti bourse on Wednesday.   

In the meantime, earnings per share (EPS) recorded 2.71 fils in 2019 from 3.37 fils.  

The investment firm ascribed the decreasing annual profits to lower interest income earned over the year, higher employees’ costs as well as impairment of other assets.   

Over the fourth quarter (Q4) of last year, the company suffered KWD 84,989 worth of losses, against a profit of KWD 83,147 in the same quarter in 2018.

During its meeting held on Tuesday, 4 February, the board of directors recommended not to distribute cash dividends for 2019 and to optionally delist from Boursa Kuwait.

It further proposed to cancel the investment portfolio manager licensing as well as the financing licensing by the Central Bank of Kuwait (CBK).

It is worthy to point out that in the first nine months of last year, the company achieved profits of around KWD 573,440, compared to nearly KWD 524,470, up by 9.3% annually.