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Kuwait Foundry turns profitable in FY 2019; dividends proposed

Kuwait Foundry turns profitable in FY 2019; dividends proposed
The company registered KWD 149,145 worth of earnings in Q4-19
KFOUC
KFOUC
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Mubasher: Kuwait Foundry Company has turned to a profit of KWD 894,912 ($2.86 million) in the fiscal year (FY) 2019, against a loss of KWD 1.15 million ($3.68 million) in 2018.

In the fourth quarter (Q4), the company registered KWD 149,145 worth of earnings, versus a loss of KWD 9,500 in Q4-18, according to a stock exchange statement on Sunday.

The company ascribed the 2019 results to higher national labour support tax and zakat in addition to the realised income from investments at the fair value (FV) through other comprehensive income as shown in the equity rights. 

During its meeting, the board of directors proposed a cash dividend distribution of KWD 1.08 million or 15% of the share’s nominal value for 2019.

It is worth highlighting that during the January-September period in 2019, the firm achieved a profit of about KWD 745,770 from KWD 1.16 million a year earlier, posting an annual decline of 34.9%.