Kuwait – Mubasher: The United Foodstuff Industries Group’s (UFIG) profits rose in the fourth quarter of fiscal 2015 by 1,531.3% on an annual basis (year-on-year).
Net profit reached KWD 401,300 ($1.33 million) in Q4-15, versus KWD 24,600 ($81,400) in Q4-14, according to the company’s unaudited financial statements released on Tuesday.
During 2015, the company’s profits shrank by 8.2% to KWD 786,260 ($2.6 million) from KWD 856,900 ($2.84 million) in 2014.
The company attributed the fall in annual profit to higher general, administrative, selling and distribution expenses.
The Kuwait-listed company’s board of directors proposed, during its meeting yesterday, cash dividends at 5% of the stock’s par value (5 fils per share).
