Mubasher: The board of Al Imtiaz Investment Group decided to cancel its proposed dividend distribution of 10 fils per share or 10% of the share’s nominal value for the fiscal year (FY) 2019 due to the coronavirus (COVID-19) implications on the local and global economy.
The move will reduce the company’s burden and maintain the highest level of liquidity in anticipation of any crises or challenges related to the new pandemic, according to a bourse statement on Tuesday.
The virus’ impact on the group or its subsidiaries cannot be determined at the moment.
In 2019, the net profit of Al Imtiaz slid by 1.5% year-on-year (YoY) to reach KWD 19.72 million ($65.07 million) when compared to KWD 20.02 million ($66.08 million).
In the meantime, Oula Fuel Marketing Company cancelled last year’s proposed dividends, totalling KWD 2.02 million or five fils per share for 2019, amid the widespread coronavirus outbreak and drop in sales, according to a separate disclosure.
By 2019 year-end, Oula Fuel recorded an increase in net profits by 1.4% at KWD 3.86 million ($12.71 million) as compared to KWD 3.81 million ($12.51 million) in 2018.
