Kuwait – Mubasher: Mabanee Co posted a rise of 2.3% in profits during the fourth quarter of 2016 as compared to the same period in 2015.
Profits increased to KWD 12.19 million ($39.81 million) in Q4-16 from KWD 11.91 million ($36.55 million) in Q4-15, according to a bourse statement on Thursday.
During the twelve-month period, profits rose 0.3% to KWD 48.66 million as compared with KWD 48.52 million in 2015.
Higher net profits were attributed to lower financing costs, the statement said.
The company's board recommended the distribution of cash dividends for 2016 representing 10% of the capital and totalling KWD 8.89 million, adding to 5% bonus shares at a total of 44.61 million shares.
Mabanee's capital amounts to KWD 89.21 million, distributed over 892.1 million shares, with a nominal value of 100 fils per share.
