Kuwait – Mubasher: Salhia Real Estate on Monday reported a profit increase of 61.2% during the fourth quarter of 2016, compared with the same period of the previous year, according to a bourse filling.
Profits reached KWD 4.2 million ($13.63 million) in Q4-16, versus KWD 2.6 million ($8.5 million) in Q4-15, the company’s financial statements showed.
This increase is due to the higher revenue and investment income alongside a decline in financing costs, the company said.
Full year profits rose 5.2% to KWD 12.23 million in 2016 from KWD 11.63 million in 2015.
The company’s board recommended a cash dividend distribution of 20 fils per share for 2016, representing 20% of its capital.
The general assembly in 2015 had also approved dividends of 20% of the share’s par value.
Salhia stock ended Monday’s trading session up 1.28% to 395 fils, after 4,500 shares were traded at a value of KWD 1,800.
The company previously said its profits for the nine months ended 30 September 2016 declined 10.88% year-on-year to KWD 8.06 from KWD 9.04.
