The Kuwait Hotels Company announced it achieved a net profit of KD 595,575 for the fiscal ending on December 31, 2021, compared to a net loss of KD 78,683 for the corresponding period in 2020.
According to a local Arabic daily, the earnings per share during 2021 were 10.56 fils compared to 1.36 fils loss that was announced at the end of 2020.
The Board of Directors of the Kuwait Hotels Company recommended the distribution of cash dividends at a rate of 5% (5 fils per share), subject to the approval of the general assembly of the company’s shareholders and the regulatory authorities.
The CEO Fawzi Al-Musallam and Vice President of the Kuwait Hotels Company stated that the reason for the shift to profitability by 874% is due to the strategic decisions taken by the Board of Directors related to the food and beverage sector, as well as to the noticeable improvement in the performance of hotels in the second year of the Corona pandemic and to the company’s hedging policy since the outbreak of the pandemic in 2020.
It is also expected that the mentioned strategy will cast a positive shadow on the company for the coming years, especially through the growth in the preparation of hotels that will be operated in the next stage.