Kuwait – Mubasher: Kuwait Slaughter House (KSH) announced that profits fell by 45% to KWD 83,150 ($273,660) for the fourth quarter of 2015, compared to KWD 151,140 ($497,420) a year earlier.
Year-over-year profits surged 71.6% to KWD 676,550 in FY15, up from KWD 394,320.
FY15 net profits’ rise is attributed to lowering administrative, general expenses, as part of the company’s new policy in which lowering salaries was the highlight. Furthermore, unused provisions, especially those allocated for bad debts in 2014, were key to improving KSH’s performance last year, the company said.
During the company’s meeting convened on 1 February, 2016, the board recommended distributing cash dividends at 18% of the nominal value or 18 fils per share, subject to approval of the general meeting and concerned supervisory bodies.
