Mubasher: Net profits of Kuwait National Cinema increased by 3% annually to KWD 8.57 million ($28.1 million) by 2019 year-end from KWD 8.34 million ($27.4 million).

Earnings per share (EPS) recorded 92.45 fils last year from 89.29 fils, according to a bourse statement on Wednesday.

In the fourth quarter (Q4) of 2019, profits totalled KWD 1.4 million, up by 8% from KWD 1.3 million in the same quarter in 2018.

The increase in annual profits is due to higher operating income and expenses by 17% and 24%, respectively, as well as an increase in other operating income and expenses by 27% and 32%, respectively.

Moreover, Kuwait National Cinema ascribed the rise in 2019 profits to a decline in net profit of financial investment by 65% and a growth in administrative and general expenses by 14%.

The company’s board recommended a cash dividend distribution of 50 fils per share or 50% of the share’s nominal value for 2019.

As for the nine-month period ended 30 September 2019, profits grew by 1.8% to KWD 7.166 million, compared to about KWD 7.040 million in the same period in 2018.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.