Injazzat cancels 2019 dividends

The decision aims to protect the company’s finances


Mubasher: The board of Injazzat Real Estate Development decided to cancel the proposed cash dividends distribution for the fiscal year (FY) ended on 31 December 2019.

The board decided not to distribute any dividends for FY19 in order to maintain the company’s finances and financial position, according to a disclosure to Boursa Kuwait on Monday.

By 2019 year-end, the real estate developer reported losses of KWD 6.89 million ($22.57 million), against an annual profit of KWD 4 million ($13.17 million) in 2018.

Previously, the board of directors proposed a cash dividend distribution to shareholders of 5 fils per share or 5% of the share’s nominal value for 2019.

Source: Mubasher

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