Mubasher: Kuwait Gypsum Manufacturing and Trading registered a decline of 73% in profits during fiscal year 2017 compared to the prior year.
Earnings shrank to about KWD 69,300 ($231,600) in FY17 from nearly KWD 256,670 ($857,700) in FY16, according to a bourse statement on Thursday.
The decrease in profits is attributed to lower production due to a number of defaults and lower sales, in addition to an increase in the supply.
Kuwait Gypsum’s board members recommended zero dividends for fiscal year 2017, the statement added.
It is worth noting that the company posted a drop of 21.5% in profits to about KWD 127,370 during the first nine months of 2017 compared to nearly KWD 162,140 in the same period a year ago.
