Mubasher: The net profit of National Industries Group Holding skyrocketed by 134% year-on-year (YoY) during the fiscal year (FY) 2019 to stand at KWD 46.35 million, compared with KWD 19.84 million.

The growth in the annual profit was driven by higher income from investments, according to a bourse statement on Sunday.

In the fourth quarter (Q4), the company turned to a profit of KWD 10.54 million, against a loss of KWD 12.43 million in the same quarter a year earlier.

The company’s board of directors recommended distributing KWD 14.27 million or 10 fils per share as cash dividends for 2019, representing 10% of the share’s nominal value.

It is worthy to highlight that in the nine-month period ended 30 September 2019, the profits rose by 11% YoY to KWD 35.81 million, compared with KWD 32.27 million.

National Industries is listed on Boursa Kuwait and the Dubai Financial Market (DFM).