Mubasher: United Industries Company’s general assembly approved the board of directors’ recommendation to distribute cash dividends worth KWD 2.2 million ($7.26 million) at 5 fils per share for the full fiscal year 2018.
Dividends represent 5% of the firm’s paid-up capital, according to Kuwait News Agency (KUNA).
Net profits for the fiscal year ended on 31 December amounted to KWD 5.14 million, down from KWD 5.89 million a year ago, KUNA added, citing the company’s chairman Khalifa Al Abdullah Al-Sabah as saying.
United Industries’ shareholders also agreed to deduct KWD 517,800 of the previous-year net profits to be added to the company’s statutory reserves, in addition to 10% earnings deduction for the firm’s voluntary reserves.
