Kuwait - Tamdeen Real Estate’s Board of Directors approved on Wednesday cutting the proposed cash dividend for fiscal year (FY) 2019 to be 5% of the share’s nominal value or five fils per share.
The decision comes in light of the current circumstances in Kuwait due to the outbreak of the coronavirus (COVID-19), according to a statement to Boursa Kuwait.
Previously, the board recommended the distributions of dividends at 10 fils per share or 10% of the share’s nominal value.
By 2019 year-end, Tamdeen reported an annual increase in net profits by 40.2% to KWD 7.62 million, compared to KWD 5.43 million.
Source: Mubasher
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