Mubasher: Kuwait Financial Centre (Markaz) reported a net profit amounting to KWD 6.95 million ($22.88 million) in the fiscal year ended on 31 December 2019, up by 204% from KWD 2.28 million ($7.53 million) in 2018.

Earnings per share (EPS) soared to 15 fils last year as compared to 5 fils a year earlier, according to a bourse statement on Monday.

Over the fourth quarter (Q4) of last year, the company achieved a net profit of KWD 3.5 million, versus a net loss worth KWD 1.8 million in the corresponding quarter in 2018.  

The growing profits in FY19 are primarily due to higher fair value (FV) of financial assets at FV through profits or losses, Markaz added. 

The company’s board recommended for fiscal year 2019 a cash dividend distribution of KWD 4.78 million or 10% of the share’s nominal value.

It is noteworthy that during the period from January to September 2019, Markaz logged a profit worth KWD 3.448 million, 16.7% lower than KWD 4.14 million a year earlier.