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Advanced Technology’s profit plunges 72% in 2019; dividends proposed

Advanced Technology’s profit plunges 72% in 2019; dividends proposed
Total operating revenue slid to KWD 142.06 million
ATC
ATC
-4.10% 398.00 -17.00

Mubasher: Advanced Technology Company (ATC) reported a 72.28% year-on-year (YoY) drop in its net profits during 2019.

The company’s net profits dipped to KWD 1.84 million last year from KWD 6.64 million in 2018, according to a statement to Boursa Kuwait on Tuesday.

The decline in net profits is ascribed to lower realisation of medical equipment projects in new medical towers and higher sales and administrative expenses as well as an increase in depreciation, amoritisation, and financing costs.

Meanwhile, total operating revenue slid to KWD 142.06 million in 2019, compared to KWD 149.13 million in the previous year.

As for the fourth quarter of 2019, ATC turned to losses of KWD 393,537, versus net profits of KWD 1.05 million in Q4-18.

In addition, the board of directors recommended a cash dividend distribution of 10 fils per share or 10% of the share’s nominal value.

It is worth mentioning that during the first nine months of 2019, ATC’s net profit fell by 60% YoY to KWD 2.24 million from KWD 5.59 million.