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Osoul Investment records 161% higher profit in FY19; dividends proposed

Osoul Investment records 161% higher profit in FY19; dividends proposed
Earnings fell by 26% in Q4-19
OSOUL
OSOUL
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Mubasher: The net profit of Osoul Investment jumped by 161% year-on-year (YoY) in fiscal year (FY) 2019, recording KWD 1.83 million when compared to KWD 702,666 in 2018, the company's annual financial statements showed.

The increase in annual earnings was backed by several factors, including a profit from financial investments and income from investment in an associate firm, according to a stock exchange statement on Tuesday.

In the fourth quarter (Q4) of last year, profits decreased by 26% to KWD 237,335 from KWD 321,221 in the same period in 2018.

Furthermore, the board recommended distributing 12 fils per share or 12% of the share’s nominal value as cash dividends for 2019, subject to the approval of the company’s general assembly and market authorities.  

As for the first nine months of 2019, the company’s profits rose by 79.4% to KWD 1.6 million, up from KWD 892,000 in the corresponding period a year earlier.