Mubasher: Al Kout Industrial Projects recorded 23.9% lower profits in the fiscal year (FY) 2019 at KWD 4.79 million ($15.42 million), compared with KWD 6.29 million ($20.25 million) a year earlier.

The drop in the 2019 results was helped by lower gross margin and impairment in associates’ assets and intangible assets, according to a stock exchange statement on Wednesday.

During the fourth quarter (Q4), the company incurred KWD 3,911 worth of losses, against profits of KWD 1.28 million in Q4-18.

During its meeting, the board of directors recommended distributing KWD 5 million or 50 fils per share as cash dividends for 2019, equivalent to 50% of the share’s nominal value.