Mubasher: The net profit of Kuwait Cement decreased by 49% on an annual basis over the fiscal year (FY) 2019 to stand at KWD 4 million when compared to KWD 7.94 million.
The drop in the annual earnings is attributed to a drop in gross profit by KWD 6.03 million, while selling, general, and administrative expenses declined by KWD 1.14 million, according to a stock exchange statement on Wednesday.
As for the fourth quarter (Q4), the Boursa Kuwait-listed company turned to a loss of KWD 562,970, against a profit of KWD 165,865 in the corresponding quarter in 2018.
During its meeting, the board of directors recommended a cash dividend distribution of five fils per share or 5% of the share’s nominal value for 2019 and bonus shares equivalent to 5% of the capital, totalling KWD 3.66 million.
