Kuwait – Mubasher: Kuwait Projects Holding (KIPCO) posted a 61.3% year-on-year decline in profits during the fourth quarter of 2016, according to a bourse statement.
Profits reached KWD 5.54 million ($18.1 million) in Q4-16, compared to KWD 14.32 million ($46.77 million) in Q4-15.
In 2016, profits fell 11.1% to KWD 45.54 million from KWD 51.25 million in 2015.
The profit decline is mainly attributed to a decrease in foreign exchange gain and profits generated from the media sector.
The company’s board recommended 25% cash dividends, or 25 fils per share, for fiscal year 2016.
KIPCO’s stock fell 2% to 500 Kuwaiti fils on Tuesday, generating KWD 522,300 from the exchange of 1.05 million shares.
