Kuwait - The ordinary general meeting (OGM) of Kuwait Foundry Company approved distributing KWD 1.08 million or 15% of the share’s nominal value as cash dividends for fiscal year (FY) 2019 as was previously proposed by the board.
The company’s retained earnings will be reduced by the same dividend value, KWD 1.08 million, according to a stock exchange statement on Wednesday.
It is worth mentioning that last year, the Boursa-Kuwait listed firm turned to a profit of KWD 894,912 ($2.86 million), against a loss of KWD 1.15 million ($3.68 million) in 2018.
Source: Mubasher
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