Mubasher: Coast Investment and Development Company achieved net profits of KWD 586,493 ($1.89 million) in the fiscal year (FY) ended in December 2019, 59.14% lower than KWD 1.43 million (around $4.64 million) in 2018.

The lower annual earnings are due to a drop in the company’s share of results from associates, according to a bourse statement on Thursday.

Over the fourth quarter (Q4), the investment company’s profits surged by 51.8% to KWD 1.7 million from KWD 1.11 million in the same period a year earlier.

The board decided not to distribute dividends for 2019. 

In the first nine months of 2019, the company registered losses of KWD 1.11 million, against profits of KWD 315,600 in the same period a year before.