The financial statements of the Kuwait National Cinema Company showed that the company had shifted to losses last year compared to 2019 profits.
According to the company's results for the Kuwaiti Stock Exchange, today, Sunday, losses for the past year amounted to 7.31 million dinars, compared to the profits in 2019 of 8.57 million dinars.
The company said in a statement to the Stock Exchange that the decline in results during the comparison years is due to 6 factors, the first of which is the decrease in activity revenues by 75%, activity costs decreased by 54%, and revenues decreased Other activity, 63%.
The fourth factor is a decrease in other activity expenses by 52%, a decrease in the company's share of the results of an associate's business by about 201%, and finally a decrease in financing interest by about 32% .
The results also showed that the company shifted losses in the fourth quarter of last year, amounting to 1.89 million dinars, compared to 1.41 million dinars in the same period in 2019.
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and the company’s board of directors, in its meeting held last Wednesday, recommended not to distribute any dividends for the last fiscal year ending on December 31, 2020. >
The company had turned into losses in the first nine months of last year, at a value of 5.42 million dinars, compared to profits of 7.17 million dinars for the same period in 2019.
