Kuwait Insurance annual profit up 6%; dividends proposed

Positive annual earnings are due to higher net investment income

  

Mubasher: Kuwait Insurance Company on Wednesday reported growing annual net profits by 6.34% on an annual basis for the year ended on 31 December 2019.

Profits increased to KWD 9.53 million by 2019 year-end when compared to KWD 8.97 million in the previous year, according to a statement on Wednesday.

Earnings per share (EPS) totalled 51.62 fils last year from 48.54 fils.

In the fourth quarter (Q4) of 2019, the insuring company’s net profits tumbled by 34.12% to KWD 835,621 as compared to KWD 1.26 million in the same quarter a year earlier.

The soaring earnings in 2019 are due to higher net investment income.

The company’s board of directors, moreover, proposed a cash dividend distribution of KWD 5.54 million representing 30% of the share’s nominal value for 2019.

It is worth pinpointing that during the first nine months of last year, the firm achieved KWD 8.7 million in profits compared with KWD 7.7 million in the same period in 2018, increasing by 13%.

Source: Mubasher

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