Mubasher: Acico Industries posted a drop of 61.8% in profits during the fourth quarter of 2017 compared to the same period last year.
Earnings decreased to KWD 840,000 ($2.79 million) in Q4-17 compared to KWD 2.2 million ($7.31 million) in Q4-16, according to a bourse filing on Thursday.
On an annual basis, Acico Industries posted a decline of 29.1% in profits to KWD 5.13 million from KWD 7.24 million in FY16.
The drop in profits is attributed to lower income from the estate sector as well as higher financing expenses, Acico clarified.
Acico’s board members recommended 10% as cash dividends and 5% as bonus shares for FY17.
The board also approved distributing 5% of shares owned in the subsidiary, Acico Construction.
At the stock level, Acico closed Thursday’s session 0.75% lower at 263 fils.
