Mubasher: Osos Holding Group Co recorded higher annual net profits by 15% during the fiscal year ended 31 December 2019 to KWD 1.39 million ($4.58 million), compared to KWD 1.22 million ($4.02 million) in 2018.
Earnings per share (EPS) registered 13.9 fils last year from 12.2 fils in the comparative period a year earlier, according to a bourse statement on Wednesday.
The Kuwaiti firm attributed the higher annual profits to the increase in the change of fair value (FV) of real estate by KWD 413,182 as compared to 2018, in addition to higher gains by KWD 57,241 from foreign currency.
Moreover, real estate rental income and investment income rose by KWD 52,445 and KWD 51,802, respectively, in 2019 when compared to the previous year.
As for the fourth quarter (Q4) of last year, the company turned to a profit of KWD 408,184, versus KWD 310,596 worth of losses in the same quarter in 2018.
The company’s board, moreover, recommended distributing KWD 700,000 or 7% of the capital as cash dividends for 2019, in addition to a bonus shares distribution of KWD 500,000 or 5 shares for every 100 shares, representing 5% of the capital.
It is noteworthy that during the period from January to September 2019, Osos Holding’s profit plunged to KWD 983,811 from KWD 1.525 million a year earlier.
