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Kuwait National Cinema’s board cuts 2019 dividends

Kuwait National Cinema’s board cuts 2019 dividends
The decision will support the company's financial position
KCIN
KCIN
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Mubasher: The Board of Directors of Kuwait National Cinema recommended, during its meeting, reducing the cash dividends for fiscal year (FY) 2019 to be 35% of the share’s nominal value or 35 fils per share, subject to the general assembly’s approval.

The decision aims to support the company’s financial position in light of the current situation in Kuwait due to the spread of the coronavirus (COVID-19), according to a bourse disclosure on Thursday.

Previously, the board proposed cash dividends of 50 fils per share or 50% of the share’s nominal value.

By 2019 year-end, Kuwait National Cinema’s net profits increased by 3% annually to KWD 8.57 million ($28.1 million) from KWD 8.34 million ($27.4 million).