Kuwait - Mubasher: The financial statements of Shuaiba Industrial showed a decline in profits in the fourth quarter of 2016 by 42.9% year-on-year.

According to the company’s statement to Boursa Kuwait, profits reached KWD 211,210 ($691,500) in Q4-16 compared with KWD 369,920 ($1.21 million) in Q4-15.

Annual profits totalled KWD 1.9 million in 2016 compared to KWD 1.71 million in 2015, with an increase of 9.43%.

The growth in profits is attributed to a rise in operating income, and the increase in the company’s stake in sister companies.

The company’s board recommended the distribution of cash dividends at 20 fils per share or 20% of capital, as well as bonus shares at 25% or 25 shares for every 100 shares.