Mubasher: Kuwait Hotels posted a 93.3% year-on-year drop in profits to around KWD 6,930 ($23,200) for the full-year 2017, down from KWD 104,000 ($348,110).
The company achieved a net profit of KWD 401,280 last year from selling intangible assets, Kuwait Hotels said in a filing to Boursa Kuwait.
The board of directors recommended not distributing dividends for the year ended 31 December 2017.
It is noteworthy that Kuwait Hotels’ profits plunged 93% year-on-year to KWD 33,980 during the first nine months of 2017, compared with KWD 495,250 in the same corresponding period of 2016.
