Kuwait – Mubasher: Inovest, which is listed on Bahrain and Kuwait’s bourses, swung to profits in the fourth quarter of 2016, according to a bourse statement.
The company generated profits of $900,000 in Q4-16, against losses of $45.5 million.
In 2016, Inovest also achieved profits of $10.1 million against losses of $48.1 million.
The improvement of results is mainly attributed to the exit from one of the company’s associates, disposal of few investment properties, higher income from construction contracts, and reversal of provision after cash collection of account receivable.
The company’s board recommended to distribute 7% dividends, equivalent to 8.54 Kuwaiti fils (2.8 cents), for the fiscal year 2016.
