Mubasher: The net profit of Kuwait Reinsurance Company soared by 40.2% in the fiscal year ended on 31 December 2019 to stand at KWD 4.73 million (approx. $15.56 million) as compared to KWD 3.37 million (approx. $11.09 million).
Earnings per share (EPS) registered 25.22 fils last year when compared to 17.97 fils in 2018, according to a bourse filing on Thursday.
In the fourth quarter (Q4) of last year, the insurance firm achieved profits worth KWD 860,208, up by 115.3% annually from KWD 399,509.
The growing annual profits are due to higher net earned premium and investment income.
Moreover, Kuwait Reinsurance’s board of directors proposed a cash dividend distribution of KWD 936,930 or 5% of the share’s nominal value for 2019 and a bonus share distribution equivalent to eight shares for every 100 shares, representing 8% of the capital.
In the first nine months of 2019, the company logged profits of KWD 3.87 million, compared with KWD 2.97 million for the same period last year, recording an increase of 30.3%.
