Mubasher: Kuwait Business Town Real Estate recorded an annual decrease in profits by 0.98% in 2019, registering earnings worth KWD 2.45 million ($8.06 million), compared with KWD 2.48 million ($8.13 million) in 2018.  

Earnings per share (EPS) totalled 3.92 fils last year from 3.96 fils a year earlier, according to a bourse filing on Thursday.

As for the fourth quarter (Q4) of 2019, the real estate firm logged 39.5% lower profit at KWD 572,081 from KWD 946,895 in the same quarter a year earlier.

The slight drop in last year’s net profit is attributed to fluctuations in local and international real estate markets.

Moreover, the board of directors has recommended a KWD 1.88 million cash dividend distribution at 3 fils per share, or 3% of the share’s nominal value, for 2019.

It is worthy to highlight that in the nine-month period in 2019, profits grew by 22.8% to KWD 1.88 million, up from KWD 1.53 million in the corresponding period last year.