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.