Commercial Facilities’ net profits rise in 2019

Commercial Facilities achieved an increase of 32.7% in FY19 net profits

  

Mubasher: Commercial Facilities Company recorded a 32.7% year-on-year (YoY) hike in net profits to KWD 13.181 million ($43.2 million) in 2019, compared to KWD 9.934 million ($32.55 million) in 2018.

The increase in net profits is driven by the rise in operating and investment profits, according to the company’s financial statements for 2019 disclosed to Boursa Kuwait on Thursday.

The company’s basic and diluted earnings per share (EPS) stood at KWD 26 last year from KWD 20 in 2018.

During the fourth quarter of 2019, the company’s net profits declined by 11% to KWD 2.429 million from KWD 2.729 million during the same quarter of 2018.

The EPS dropped by 16.67% to KWD 5 in the Q4-19 from KWD 6 in the same period of 2018.

During its meeting held on Wednesday, the board of Commercial Facilities Company recommended cash dividends at 18 fils per share or 18% of the share’s nominal value for the fiscal year ended 31 December 2019.

It is noteworthy to mention that during the third quarter of 2019, the company registered a 15.53% YoY decline in profits to KWD 2.241 million from KWD 2.653 million in the year-ago period.

Source: Mubasher

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