National Industries Group Holding, which is listed on Boursa Kuwait and the Dubai Financial Market (DFM) on Sunday reported turning to losses during the fourth quarter of 2018, against generating profits in the year-ago period.
The group suffered KWD 12.43 million ($41 million) in losses during Q4-18, against KWD 16.81 million ($55.5 million) in profits by the end of Q4-17, according to a statement to Boursa Kuwait.
From January to December 2018, National Industries annual earnings slid 17.9% to KWD 19.84 million, from KWD 24.16 million in the same months a year before.
The firm stated that annual profits levelled down due to a decrease in investments in associate firm, and due to a decline in profits of selling another associate company.
Earlier on Sunday, National Industries Group Holding’s board recommended to distribute KWD 16.32 million cash dividends at 12 fils per share for 2018.
The board also recommended to distribute 68 million bonus shares, representing 5% of its capital.