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Integrated Holding's earnings down 54% in 2019; dividends proposed

Integrated Holding's earnings down 54% in 2019; dividends proposed
Earnings retreated by 72.1% annually in Q4-19
INTEGRATED
INTEGRATED
1.27% 398.00 5.00

Mubasher: The net profit of Integrated Holding Company recorded KWD 7.8 million ($25.39 million) in the fiscal year (FY) ended on 31 December 2019, down by 54.2% from KWD 17.2 million ($55.4 million) in 2018.

The drop in profit is largely attributed to a decline in revenues due to a reduction in rental rates and operation rates, according to a stock exchange filing on Tuesday. 

In addition, the company recorded an impairment loss provision worth KWD 2 million as per the International Financial Reporting Standard (IFRS) 9.

The decrease in depreciation expenses was offset upon a change in the useful lives of certain equipment by KWD 3.1 million. 

In the fourth quarter (Q4) of 2019, earnings retreated by 72.1% to KWD 888,255 from KWD 3.1 million in Q4-18.

During its meeting, the board recommended a cash dividend distribution of KWD 6.6 million or 30 fils per share, equivalent to 30% of the share’s nominal value, for 2019.

It is worth noting that in the first nine months of 2019, Integrated Holding’s profit halved to KWD 7.01 million from KWD 14.05 million a year earlier.