KUWAIT, March 18 (KUNA) -- Al Imtiaz Investment Company posted KD 22.7 million in net profits for the year that ended on December 31, 2011 compared to KD 41.3 million during the preceding year.

In a press statement on its website, the company estimated the share profitability at 20.2 fils, compared to 36.7 fils in 2010.

It pointed out that the shareholders' equities increased to reach KD 242.3 million against KD 231.5 million in 2010.

Al Imtiaz Board of Directors recommended the distribution of 10 percent in cash dividends to shareholders.

The total assets of the company reached KD 383.9 million while the total liabilities hit KD 106.8 million.

Al Imtiaz Investment Company (AIIC, "Al Imtiaz") was established in April 2005 as a Kuwaiti Shareholding Company K.S.C. (closed) with a paid up capital of KD 36 million (approximately USD 125 million). The Company aims to meet the increasing demand in the business investment sector within the GCC markets in accordance with the rules and provisions of Sharia law.

In May 2010, the extraordinary general assembly of the company agreed to increase capital by 2.5 percent, or KD 2.764 million. Accordingly, the company's capital became KD 113.361 million (approximately USD 405 million.