Mubasher: National Industries Company reported an 8.1% year-on-year (YoY) profit growth during 2019.

The Kuwaiti firm’s net profits rose to KWD 4.29 million (nearly $13.93 million) last year from KWD 3.97 million (around $12.89 million) in 2018, according to a bourse statement on Tuesday.

The profit growth was ascribed to a drop in the cost of sales and a rise in the investment income from received cash distributions.

The company’s total operating revenue slid to KWD 48.27 million in 2019, compared to KWD 52.92 million in the previous year.

As for the fourth quarter of 2019, the Kuwaiti firm reported net profits of KWD 1.35 million, up from KWD 894,318 in the year-ago period.

In addition, the company’s board of directors recommended a cash dividend distribution of 10% of the share’s nominal value or 10 fils per share at a total value of KWD 3.5 million.