Boubyan Petrochemical Company achieved a 14% growth in profits for the first quarter ending on July 31 to reach 2.5 million Kuwaiti dinars.
According to Arabiya Net, the company clarified that the profit growth is due to the reversal of allocations for expected credit losses.
Boubyan Petrochemical Company had made it clear that, due to the lack of receipt of its share from the dividends of Equate and the Kuwaiti Olefins Company, it decided to set aside allocations of 8.7 million dinars that will be entered into the data Financials for the fourth fiscal quarter ending in April of this year.
The company achieved a growth in net profits by 12% to 11.8 million dinars during the last quarter of its fiscal year. The Board of Directors recommended the distribution of cash dividends to shareholders of 35% of the capital for the fiscal year ending April 30, 2020.
(Amazon fun knowledge)
