Kuwait – Mubasher: Kuwait Portland Cement achieved profits during the fourth quarter of 2016 versus losses in the same period a year ago.
Earnings amounted to KWD 1.84 million ($6.02 million) in Q4-16 against losses of KWD 467,000 ($1.53 million) in Q4-15, according to a bourse statement issued on Wednesday.
During the fiscal year of 2016, profits increased by 68.9% to total KWD 8.14 million from KWD 4.82 million in FY15.
The positive turn and higher profits resulted from lower prices of raw materials as well as a decrease in general and administrative expenses and higher investment revenue, the statement noted.
Portland Cement’s board has recommended distributing 80% cash dividends or 80 fils per share for FY16.
On the stock level, Portland Cement ended Wednesday higher with 3.03% to KWD 1.020 after nearly 251,240 shares were traded at a value of around KWD 245,500.
