Mubasher: Kuwait Portland Cement reported a 26.4% profit decline to KWD 7.59 million ($24.88 million) in 2019 from KWD 10.32 million ($33.82 million) a year earlier.
The company’s operating revenues amounted to KWD 85.23 million, falling by 19.5% year-on-year from KWD 105.94 million 2018, according to a statement to Boursa Kuwait on Thursday.
As for the fourth quarter of 2019, the cement producer reported net profits of KWD 1.41 million, down from KWD 2.5 million in the year-ago period.
In addition, the company’s board of directors recommended a cash dividend distribution of 75% of the share’s nominal value at a total value of KWD 7.52 million.
It is noteworthy that during the first nine months of 2019, Kuwait Portland Cement’s net profits fell to KWD 6.18 million from KWD 7.82 million in the corresponding period a year earlier.
