The financial statements of Kuwait Telecommunications Company (STC - Kuwait) showed that the company's profits fell in the past year by 26.4% on an annual basis.
according to the company's results for the Kuwaiti Stock Exchange, today, Thursday, last year’s profits amounted to 32.094 million dinars, compared to 2019 profits of 43.602 million dinars.
The company said in a statement to the Stock Exchange that the decline in profits during the comparative years is due to the effects of the emerging corona virus (Covid 19).
The company made a profit of 4.643 million dinars in the fourth quarter of last year, compared to a profit of 11.964 million dinars for the same period in 2019, a decrease of 61%. / p>
The company’s board of directors recommended, in its meeting held yesterday, Wednesday, to distribute cash dividends for the past year at 60% of the nominal value of the share at 60 fils per share, with a total value of 29.962 million dinars.
The Board of Directors also recommended that the General Assembly of Shareholders be convened on March 29, 2020, at 10 am, to discuss the distribution proposal.
