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Sun 29 Mar 2015 07:57 PM

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Kuwait's Agility trims 2014 dividend despite 10% Q4 net profit gain

Gulf's largest logistics group says net profit for three months to Dec 31 rose to more than $45m

Kuwait's Agility trims 2014 dividend despite 10% Q4 net profit gain

Kuwait's Agility, the largest Gulf Arab logistics group, trimmed its dividend payout for 2014 despite reporting a 10 percent increase in both its fourth-quarter and full-year net profit.

The firm said in a statement on Sunday its net profit in the final three months of 2014 grew to 13.7 million dinars ($45.7 million), in line with the estimate of SICO Bahrain.

The 2014 net profit increased by the same percentage to 50.8 million dinars, the statement added.

However, Agility said its board was proposing to pay shareholders a cash dividend of 0.035 dinars a share and 5 free shares for every 100 held for 2014.

While the stock payout was in line with the 2013 figure, the cash amount was below the 0.04 dinars paid in the previous year, according to Thomson Reuters data.

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