Mubasher: Acico Industries reported 11.5% higher net profit in 2019 at KWD 2.53 million ($8.18 million) when compared to KWD 2.26 million ($7.34 million) in 2018.
In the fourth quarter (Q4) of 2019, the company’s earnings rose by around 14% to KWD 1.6 million from KWD 1.4 million in Q4-18, according to a bourse disclosure on Thursday.
The growing annual profits were backed by a reverse in a provision no longer needed after collecting KWD 1.8 million, compared to KWD 251,853 in 2018.
Moreover, Acico recorded an increase in the share of results from associates by KWD 2.17 million, compared to KWD 1.39 million a year earlier.
The board of directors has proposed not to distribute any dividends for the fiscal year ended on 31 December 2019.
It is worth noting that in the first nine months of 2019, Acico’s profit grew by 9.2% year-on-year (YoY) to KWD 930,090.
