Kuwait National Cinema's profit up 3% in 2019; dividends proposed

The increase in annual profits is due to higher operating income and expenses by 17% and 24%, respectively

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

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