Mubasher: Kuwait Company for Process Plant Construction and Contracting (KCPC) achieved 17% higher annual net earnings in the fiscal year (FY) ended on 31 December 2019 at KWD 4.98 million ($16.2 million), compared to KWD 4.24 million ($13.79 million) in the previous year.
During the fourth quarter (Q4) of last year, profits grew by 83% to KWD 1.4 million from KWD 769,589 in Q4-18, according to a bourse statement on Monday.
The growth in the annual net profit is due to the reverse in provision for claims.
In addition, the board of directors has recommended during its latest meeting distributing cash dividends of 25 fils per share or 25% of the share’s nominal value for 2019 and 10 bonus shares for every 100 shares, representing 10% of the capital.
It is worth noting that in the first nine months of 2019, KCPC profits rose by 2.9% year-on-year (YoY) to KWD 3.57 million.
