Mubasher: The net profits of Mezzan Holding Company were down by 19% during the fiscal year (FY) 2019, reaching KWD 5.6 million ($18.17 million) when compared to KWD 6.9 million ($22.43 million) in 2018.
The drop in profit is attributed to non-cash losses due to a reduction in the valuation of intangible assets, namely impairment of goodwill, according to a bourse statement on Thursday.
However, the holding firm registered higher revenues, gross profit, operating profit, and earnings before interest, tax, depreciation, and amortisation (EBITDA).
In the fourth quarter (Q4) of 2019, the company incurred higher losses by 220.9% at KWD 3.5 million from KWD 1 million in Q4-18.
During its meeting, the board recommended distributing 15 fils per share as cash dividends for 2019, representing 15% of the share’s nominal value.
It is noteworthy that in the first nine months of 2019, Mezzan's profits rose by 13.5% year-on-year (YOY) to KWD 9.14 million.
