Kuwait – Mubasher: Boubyan Petrochemicals reported a 44.2% decrease in profits for the fourth quarter of 2016 which ended on 30 April 2017.
Profits reached KWD 9 million ($29.49 million) in Q4-16 compared to KWD 16.14 million ($52.88 million) in the same period in 2015, according to a bourse filing on Monday.
In the twelve months of FY16, which ended on 30 April 2017, the company’s profits retreated 54.5% to reach to KWD 10.40 million down from KWD 22.84 million in the corresponding period in 2016.
The company attributed the decline in net profits to the impairment of plant, property, and equipment of special fixed assets of subsidiaries, in addition to lower value of some financial assets available for sale.
Boubyan’s board recommended the distribution of 40% cash dividends of the share’s nominal value, equivalent to 40 fils per share.
The Saudi-listed stock’s capital amounts to KWD 53.48 million, distributed 534.82 million shares at a nominal value of 100 fils. The company owns 19.3 million treasury shares.
