Mubasher: Kuwait Investment reported a plunge of 88.1% in profits during the fourth quarter of 2017 compared to the corresponding period last year.
Earnings shrank to KWD 243,000 ($811,350) in Q4-17 from KWD 2.04 million ($6.81 million) in Q4-16, according to a bourse statement on Sunday.
The Boursa Kuwait-listed company recorded a leap of 313.3% in profits to KWD 16.44 million during fiscal year 2017 compared to KWD 3.98 million in the previous year.
Kuwait Investment clarified that the increase in profits is attributed to higher unrealised gain from preserved investments at a total value of KWD 1.62 million, in addition to achieving a profit of KWD 6.54 million from investments available for sale.
The FY17 higher profits were backed by the company’s credit loan provisions which increased by KWD 4.14 million.
Kuwait Investment’s board members recommended a cash dividend of 20% or 20 fils per share for FY17.
