Mubasher: Injazzat Real Estate Development reported a decline of 43.8% in profits during the fourth quarter of 2017 compared to the same period in the prior year.
Earnings decreased to about KWD 287,000 ($959,100) in Q4-17 from KWD 511,000 ($1.71 million) in Q4-16, according to a bourse statement on Tuesday.
During fiscal year 2017, Injazzat’s profits rose by 12% to KWD 3.54 million compared to KWD 3.16 million in the previous fiscal year.
The growth in profits is attributed to selling an asset.
Injazzat’s board recommended a cash dividend of 6% or 6 fils per share for FY17.
At the stock level, Injazzat closed Tuesday’s session 1.08% down at 92 fils.
