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

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Financial Services