Mubasher: The net profit of Combined Group Contracting Co. (CGC) slumped by 29.3% in fiscal year (FY) 2019 to reach KWD 3.6 million, compared with KWD 5.1 million a year earlier.  

The drop in the last year’s net earnings is due to lower operating profit for the group resulting from a decrease in the gross profit for parent company projects, according to a bourse disclosure on Sunday.  

By the end of the fourth quarter (Q4), profit plunged by 86.9% annually, registering KWD 245,142 from KWD 1.8 million in Q4-18.

The board of directors recommended a bonus share distribution of five shares for every 100 shares or 5% of the capital for 2019.

It is noteworthy that in the nine-month period ended 30 September 2019, profits grew by 4% to KWD 3.37 million, up from KWD 3.24 million in the same period of the year before.