Mubasher: Arzan Financial Group for Financing and Investment’s general assembly meeting approved the financial statements for fiscal year (FY) 2019 and the cancellation of the cash dividends for last year.

It also consented to allocate a maximum of 1% of the 2019 net profits to its social responsibility contributions, according to a statement to Boursa Kuwait on Monday.

In addition, the assembly approved the board’s resignation and elected a new board of directors for the 2020-2022 tenure.

Last year, the company’s net profits slid by 57% to stand at KWD 1.09 million from KWD 2.53 million a year earlier.