Mubasher: The net profit of Gulf Cable and Electrical Industries amounted to KWD 4.23 million in fiscal year (FY) 2019, 49.7% less than the KWD 8.42 million profit of 2018. 

The drop in the annual earnings is due to lower sales and related gross profits, according to a bourse statement on Thursday.

By the end of the fourth quarter (Q4), the company turned to losses of KWD 158,306, against profits of 1 million in Q4-18.

During its meeting, the board of directors recommended distributing 40 fils per share as cash dividends for 2019, representing 40% of the share’s nominal value.