Mubasher: Al Mazaya Holding reported a decline of 18.4% during the fourth quarter of 2018 compared to the same period last year.
Earnings shrank to KWD 283,000 ($932,500) in Q4-18 from KWD 347,000 ($1.14 million) in Q4-17, according to a bourse filing on Monday.
Al Mazaya, listed on both Boursa Kuwait and the Dubai Financial Market (DFM), posted a decrease of 29.4% in profits to KWD 5.1 million during fiscal year 2018 compared to KWD 7.22 million in the prior year.
The decline in FY18 profits is attributed to lower income from a change in the fair value of real estate investments.
The board members of Al Mazaya recommended not to distribute dividends for FY18.
