Mubasher: Kuwait Investment’s net profits leaped by 77.6% on an annual basis to stand at KWD 17.50 million (approx. $57.7 million) over the fiscal year ended on 31 December 2019 from KWD 9.85 million (approx. $32.46 million).
Earnings per share (EPS) grew to 32 fils last year from 18 fils in 2018, according to a bourse statement on Monday.
The growing annual profits are largely attributed to a higher net income from investment by KWD 10.03 million due to the improving national and international equity markets.
Over the fourth quarter (Q4) of last year, the investment firm achieved profits worth KWD 6.76 million, against KWD 1.68 million worth of losses in the same quarter in 2018.
During its recent meeting, the company’s board recommended a cash dividend distribution of KWD 8.21 million or 15 fils per share for 2019, representing 15% of the share’s nominal value.
In the first nine-month period of 2019, the company's net profits retreated to KWD 10.736 million from KWD 11.538 million, with a 6.95% annual drop.
