Mubasher: Combined Group Contracting reported a decline of 8.7% in profits during the fourth quarter of fiscal year 2017 compared to the same period in the previous year.
Earnings decreased to KWD 2.93 million ($9.78 million) in Q4-17 from KWD 3.21 million ($10.71 million) in Q4-16, according to a bourse statement on Wednesday.
During fiscal year 2017, Combined Group achieved an increase of 13% in profits to KWD 4.88 million compared to KWD 4.32 million in the prior year.
The growth in FY17 profits is attributed to a rise of 3% in the gross profit registered by the mother company when compared to the income posted in FY16.
Combined Group’s board members recommended a cash dividend of 20% or 20 fils per share, as well as distributing 10% of capital as bonus shares or 10-for-100 shares, the statement added.
