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Kuwait Hotels Company records profit

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KUWAIT CITY, March 13: Kuwait Hotels Company (KHC) has announced achieving a net profit of KD 595,575 for the fiscal year that ended on Dec 31, 2021, compared to a net loss of KD 78,683 for the same period in 2020, while the earnings per share for 2021 reached 10.56 fils compared to 1.36 fils loss at the end of 2020, reports Al-Anba daily. The company’s Board of Directors recommended the distribution of five percent cash dividends (five fils per share), subject to the approval of the general assembly of shareholders and the regulatory authorities.

Chief Executive Officer and Vice President of the company Fawzi Al-Musallam attributed the 874 percent profit increase to the board’s strategic decisions regarding the food and beverage sector, improvement in the performance of hotels in the second year of the Corona pandemic, and the company’s hedging policy since the start of the pandemic in 2020.

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