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KIPCO’s earnings up 6% in 2019; dividends proposed

KIPCO’s earnings up 6% in 2019; dividends proposed
The profits fell by 8% during the fourth quarter of last year
KPROJ
KPROJ
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Mubasher: Kuwait Projects Holding (KIPCO) has achieved net profits worth KWD 30.01 million in the fiscal year (FY) 2019, up by 6% from KWD 28.28 million in the previous year.

During the fourth quarter (Q4) of last year, the profits went down by 8%on an annual basis to reach KWD 7.26 million from KWD 7.9 million, according to a bourse statement on Sunday. 

The growth in the annual profits is largely owed to an increase in revenues and earnings of the group companies operating in industrial, real estate, and educational sectors.

The company’s board of directors recommended distributing cash dividends of KWD 18.12 million for 2019, equivalent to 10 fils per share or 10% of the share’s nominal value.