Kuwait- Mubasher: The financial statements of Gulf Cable and Electrical Industries Company showed that it turned profitable in the fourth quarter of 2016 compared to the same period of 2015.
The company’s profits during Q4-16 were KWD 1.52 million ($ 4.99million), against losses of KWD 35.14 million ($ 115.3million) in Q4-15, according to the financial results.
Gulf Cable achieved profits valued at KWD 6.86 million in 2016, against losses of about KWD 31.57 million in 2015.
The company’s board recommended in its meeting on Sunday the distribution of cash dividends representing 20 % of the nominal value, or 20 fils per share.
