Kuwait – Mubasher: Al Imtiaz Investment Group's profits hiked 113% year-on-year in the fourth quarter of 2016.
Earnings amounted to KWD 6.7 million ($21.9 million) in Q4-16, compared to KWD 1.63 million ($5.33 million) in Q4-15, according to a bourse filing on Wednesday.
Over the twelve months of 2016, profits grew by 30.8% to KWD 13.73 million from KWD 10.5 million in 2015.
The company attributed the rise in net profits to higher net operating revenues of subsidiary firms by KWD 14.58 million, compared to KWD 3.88 million in 2015, after turning a sister company into a subsidiary.
Al Imtiaz board recommended the distribution of 8% cash dividends for 2016; the company will pay 8 fils per share, the statement said.
The company's capital amounts to KWD 113.36 million, distributed over KWD 1.133 billion shares at a nominal value of 100 fils per share. The firm owns around 46.85 million treasury shares.
The stock started Wednesday with a 1.08% rise to 188 fils after 2.25 million shares were exchanged at a value of about KWD 422,250.
