Mubasher: The Independent Petroleum Group (IPG) achieved net profits of KWD 6.63 million ($21.7 million) during the fiscal year ended on 31 December 2019, up by 7.9% from KWD 6.14 million ($20.19 million) in 2018.
In the fourth quarter of 2019, the profits leaped by 281.9% to reach KWD 1.07 million, compared with KWD 282,000 in Q4-18, according to a bourse disclosure on Tuesday.
The increase in the annual earnings is due to the company’s performance as well as the competition in the international oil markets.
The company’s board of directors recommended distributing cash dividends of KWD 5.42 million for the fiscal year 2019, representing 30% of the share’s nominal value or 30 fils a share.
