Kuwait – Mubasher: Wethaq Takaful Insurance Company reported on Monday a net profit of KWD 357,410 in the fourth quarter of 2015, versus net losses of KWD 80,680 in the same period of 2014.
However, the company turned to losses of KWD 3,200 in 2015, compared to a net profit of KWD 312,640 in 2014.
The company attributed its poor performance in 2015 to increasing management fees, according to a bourse filing.
Wenham’s board of directors passed forward a recommendation to freeze cash dividends for the fiscal year 2015 to the shareholders.
The Kuwait-listed company earlier posted net losses of KWD 281,000 in the first nine months of 2015, against a net profit of KWD 470,000 in the same period of 2014.
