Mubasher: Livestock Transport and Trading has turned profitable at KWD 1.2 million ($3.85 million) in the fiscal year ended on 31 December 2019, against a loss of KWD 3.5 million ($11.64 million) in the previous year.
Earnings per share (EPS) stood at 5.61 fils by 2019 year-end, against a loss per share of 16.94 fils in 2018, according to a bourse statement on Sunday.
Operating revenue soared by 33.47% to reach KWD 60.7 million last year from KWD 45.5 million a year earlier.
Over the fourth quarter (Q4) of last year, net profit recorded KWD 1.1 million, against a net loss worth KWD 1.6 million in the corresponding quarter in 2018.
The losses are due to higher operating revenues and better utilisation of the company’s marine fleet, which has reduced layover costs, in addition to the reversal of impairment of trade and other receivables over 2019.
It is worthy to note that in the first nine months of 2019, the Boursa Kuwait-listed company turned to profit, recording a net profit of KWD 99,310.