Mubasher: Mabanee Co posted a decline of 1.6% in profits to KWD 12.45 million ($41.6 million) during the fourth quarter of 2017 compared to KWD 12.26 million ($41 million) in the same period a year ago.
During the 2017 fiscal year, the Kuwait-based firm recorded a marginal rise of 1% in profits to KWD 49.15 million compared to KWD 48.66 million in the previous fiscal year, according to a bourse statement on Thursday.
The board members of Mabanee recommended a cash dividend of 10% or 10 fils per share for FY17, in addition to distributing 5% bonus shares or 5-for-100 shares.
Mabanee’s board called for holding its ordinary and extraordinary general meetings (OGM) and (EGM) on 26 March to discuss the proposed dividends.
Early on Thursday, Mabanee stock started the session 0.66% lower at 755 fils.
