Mubasher: Kamco Invest achieved a net profit of KWD 3.03 million in the fiscal year (FY) 2019, compared to KWD 2.5 million in 2018, posting an 18.57% annual increase.

The growth in profits is attributed to higher fee income and net gains from financial assets at the fair value (FV) through profit or loss, coupled with a rise in Kamco’s share in the results of associates, according to a bourse disclosure on Sunday.

Over the fourth quarter (Q4) of 2019, profits leapt by 39.95% to reach KWD 2.1 million from KWD 1.5 million in the same quarter in 2018.

Moreover, the board has proposed distributing cash dividends of five fils per share or 5% of the share’s nominal value for 2019.

It is worthy to highlight that in the first nine months of 2019, earnings declined by 12.1% year-on-year (YoY) to KWD 932,040.