Mubasher: Kuwait Projects Holding (KIPCO) reported a decline of 48.1% in profits to KWD 23.6 million ($78.2 million) during fiscal year 2017 compared to KWD 45.5 million ($150.8 million) in the previous year.
The board members of KIPCO recommended a cash dividend of 10% or 10 fils per share for FY17, according to a recent statement.
KIPCO’s board also proposed a bonus share of 5% or 5-for-100 shares.
Revenues retreated by 0.8% to KWD 656 million in FY17 from KWD 661 million in FY16, the statement added.
The company’s consolidated assets increased by 4% to KWD 10.4 billion in FY17 from KWD 10 million in the previous year.
KIPCO’s asset under management totaled about $34.5 billion as registered on 31 December 2017.
At the stock level, KIPCO closed Thursday’s session at 300 fils.
