Kuwait's Mezzan approves 15 fils/shr dividends for 2019

Net profits of Mezzan were down by 19% in 2019

  

Kuwait - Mezzan Holding Company’s annual general meeting (AGM) approved distributing 15 fils per share to shareholders as cash dividends for fiscal year (FY) 2019.

Over 2019, Mezzan inked two key transactions; the first was the acquisition of a majority stake of 67% in Kuwait Saudi Pharmaceutical Company and the other being a Joint Venture (JV) for the distribution of medical devices in Kuwait under the brands of Medtronics and Covidein, according to a press release on Sunday.

Commenting on the announcement, the company's executive vice chairman Mohammad Jassim Al Wazzan said: “2019 witnessed the expansion of Mezzan’s scale and scope in the healthcare market which now includes the production of pharmaceutical products, a key component of consumer spending.”

“Mezzan was also successful in enhancing its revenue and operational profits but net profit was reduced due to non-cash non-recurring losses (impairment of intangible assets", he concluded.

It is noteworthy that last year, the net profits of Mezzan were down by 19%, reaching KWD 5.6 million ($18.17 million) when compared to KWD 6.9 million ($22.43 million) in 2018.

Source: Mubasher

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