Mubasher: The consolidated financial statements of the National International Holding Company showed a 24.13% drop in net profits during the fiscal year (FY) 2019 at KWD 1.7 million from KWD 2.3 million in 2018.
In the fourth quarter (Q4) of 2019, the holding company achieved KWD 389,009 worth of earnings, down by 56.31% from KWD 890,444 in Q4-18, according to a bourse disclosure on Tuesday.
The lower annual profit is due to a decrease in the fair value (FV) of investment properties.
During its meeting, the board of directors recommended a bonus share distribution of five shares for every 100 shares at a value of KWD 1.08 million for 2019, representing 5% of the capital.
It is worthy to note that over the January-September period in 2019, the company’s profit fell to KWD 1.36 million, compared to KWD 1.41 million in the year-ago period.
National International is dually listed on Boursa Kuwait and the Dubai Financial Market (DFM).
