Mubasher: Ajial Real Estate Entertainment reported an 18.61% drop in profits by 2019 year-end to KWD 2 million ($6.57 million) as compared to KWD 2.46 million ($8.08 million) in 2018.
Earnings per share fell to 10.87 fils last year when compared to 13.35 fils a year earlier, according to a bourse statement on Tuesday.
The company attributed the annual decrease in profits to an extraordinary gain recorded in 2019 from a reversing additional provision for legal claims.
During the fourth quarter (Q4) of 2019, the real estate firm suffered KWD 944,085 worth of losses, 64.70% higher than KWD 573.213 registered in Q4-18.
Moreover, the company’s board recommended a bonus share distribution of 9.261 million shares amounting to KWD 926,100 for 2019, representing 5% of the capital.
In the first nine months of 2019, Ajial Real Estate posted a decline of 2.9% in profits to KWD 2.95 million from KWD 3.03 million in the corresponding period a year earlier.
