Kuwait-Mubasher: Osos Holding Group achieved a surge of 448.6% in profits for the first quarter as compared to the same quarter in 2015, the technology, education and investment firm said in a bourse statement.
Earnings increased to KWD 4.61 million ($15.29 million) in Q1-16 as compared to around KWD 840,300 ($2.79 million) in Q1-15.
Profits from selling subsidiaries helped in raising the quarterly profits.
The board of directors decided to take a precautionary provision worth KWD 7 million ($23.22 million), as well as recommending a capital reduction of 62.7% to KWD 10 million ($33.17 million) from KWD 26.83 million ($88.99 million).
Meanwhile, the board proposed a distribution of 10% special cash dividends, with a total of KWD 2.68 million ($8.89 million) which will be collected from the deferred earnings for the period ended 31 March, 2016.
Osos’ stock started Tuesday’s session 1.7% lower to 116 fils, as nearly 477,600 shares were exchanged with a value of about KWD 56,150.
