A Profit Of KD 595,000 Is Made By Kuwait Hotels Company In 2021

Compared to a net loss of KD 78,683 for the corresponding period in 2020, Kuwait Hotels Company has reported a net profit of KD 595,575 for its fiscal year ending December 31, 2021.

The company reported $10.56 per share in earnings during 2021 compared to a $1.36 loss that was reported at the end of 2020, reported a local Arabic newspaper.

According to the Kuwait Hotels Company's Board of Directors, cash dividends will be distributed at a rate of 5% (5 fils per share) subject to shareholder approval and approval by regulatory authorities.

Fawzi Al-Musallam, CEO of Kuwait Hotels Company and Vice President of the company, stated that the company's move into profitability by 874% was due to the strategic decisions taken by its Board of Directors regarding food and beverage as well as the notably better performance of the hotels during the second year following the illness and the company's hedging strategy since the outbreak of the disease in 2020.

Additionally, the mentioned strategy should have a positive effect on the company in the years to come, especially through the expansion of hotels that will be operated in the next stage.

*************************************