Kuwait Portland Cement 2011 net drops

Kuwait Portland Cement has reported a net drop in profit to KWD2.54m (US$9.1m) for 2011 from KWD22.3m in 2010. The company did not disclose reasons for this decline.

Earnings per share (EPS) decreased to 27.9 fils from 245.2 fils.

The company said total assets stood at KWD68.2m by the end of 2011, down from KWD85.4m a year earlier.

The board of directors proposed a 65 per cent cash dividend for 2011, equal to 65 fils/share.