Mubasher: The income statements of Ajial Real Estate Entertainment turned a profit during the fourth quarter of 2017 against losses in the corresponding period a year ago.
Ajial recorded a profit of KWD 424,000 ($1.42 million) in Q4-17 versus losses worth KWD 891,000 ($2.98 million) in Q4-16, according to bourse filing on Wednesday.
During the 2017 fiscal year, the real estate company achieved a leap of 101.3% in profits to KWD 3 million compared to KWD 1.49 million in FY16.
The increase in FY17 profits is attributed to regaining assets available for sale at a total value of KWD 2.17 million, Ajial added in the bourse filing.
Ajial’s board members recommended a cash dividend of 5% or 5 fils per share for fiscal year 2017.
The dividends will be distributed on 25 March 2018 to shareholders of records on 22 March.
Early on Wednesday, Ajial’s stock started the session 3.03% lower at 160 fils.
