Mubasher: Al Madar Finance and Investment Company reported a 90.7% decline in annual profits to KWD 1.39 million ($4.56 million) in 2019, compared to KWD 14.88 million ($48.77 million) in 2018.
The company achieved a KWD 1.21 million net profit for the fourth quarter (Q4) of last year, compared with KWD 3.39 million for the same period in the year before, decreasing by 64.3%.
Al Madar attributed the decrease in profits to lower lease revenues, profits margins, murabaha revenues, as well as less earnings from sister companies and property sales.
Moreover, the company’s board of directors recommended the distribution of KWD 1.035 million in cash dividends for last year at 5% or 5 fils per year.
