Mubasher: Al Mazaya Holding on Sunday reported a decline in its full-year profits to KWD 7.22 million ($24.10 million), down 29.6% from KWD 10.25 million ($34.21 million).
Basic earnings per share (EPS) amounted to 11.60 fils last year versus 16.51 in 2016, while diluted EPS was 11.50 fils per share against 16.39 fils the year before, the company said in a bourse filing.
Kuwait-based Al Mazaya Holding said its total current assets reached KWD 62.75 million between January and December 2017 down 35.08% from KWD 96.66 million in the previous year, whereas its total assets reached KWD 229.81 million in the 12 months ended 31 December 2017, registering a decrease of 9.8% from KWD 254.78 million in the year-ago period.
Al Mazaya Holding ascribed the decline in profits to “the sale and handover of units carrying lower margins in full during the year.”
At the level of the fourth quarter of 2017, Al Mazaya logged KWD 346,000 in profits ($1.16 million), registering a sharp drop of 89.9% from KWD 3.42 million ($11.44 million) achieved in the corresponding period of 2016, according to the statement.
Mazaya Holding, which is currently listed on Boursa Kuwait and the Dubai Financial Market (DFM), also said its board recommended a cash dividend distribution of 8% of the paid-up capital or 8 fils per share for the financial year ended 31 December 2017.
The entitlement date for the cash distribution will be 12 April 2018, Mazaya said, noting that this recommendation was subject to approval from the company’s ordinary general meeting (OGM).
