Mubasher: National Industries Group Holding, listed on the Dubai Financial Market (DFM) and Boursa Kuwait, turned to net losses of KWD 52.21 million in 2020 ($173.17 million), versus net profits of KWD 46.35 million ($153.76 million) in 2019.

The negative turn in the annual financial results was attributed to lower sales, in addition to registering realised and unrealised loss on financial assets at fair value through profit or loss, the company said in a statement to Boursa Kuwait on Sunday.

Moreover, a reduction in the share of results of associates also contributed to the losses incurred by the company.  

As for the fourth quarter (Q4) of 2020, the company reported net profits of KWD 2.89 million, compared to KWD 10.54 million in Q4-19.

The board of directors recommended a bonus issue of 5% of the company’s share capital, amounting to KWD 7.14 million, for 2020.

During the first nine months of 2020, the company turned to net losses of KWD 55.11 million, versus net profits of KWD 35.81 million in the corresponding period a year earlier.