Mubasher: Kuwait-based Boubyan Petrochemical Company reported a 93.2% year-on-year surge in profits in its fiscal year ended 30 April 2019.
Profits reached KWD 10.549 million ($34.8 million) in the 12-month period ended last April, up from KWD 5.456 million ($18 million) a year earlier, according to a filing to Boursa Kuwait on Thursday.
The petrochemical firm attributed the rise in FY 18 profits to higher cash dividend distributions, combined with an increase in stakes of recently-acquired companies.
On Wednesday, the company’s board recommended distributing 50 fils per share, representing 50% of the stock’s par value, as cash dividends for the full fiscal year 2018.
The board also proposed to reduce the value of goodwill and intangible assets at KWD 33.7 million.
