The Board of Directors of the Independent Petroleum Group Company has recently announced its approval of the audited annual financial statements for the year ending on December 31, 2023. This decision was made during a meeting held yesterday, marking an important milestone for the company.
According to the financial results, the Independent Petroleum Group Company has achieved a net profit of 7.82 million dinars for the year. This translates to earnings per share of 43.24 fils per share, indicating a slight increase compared to the previous year’s profits of 7.65 million dinars, or 42.35 fils per share. These positive financial results reflect the company’s strong performance and its ability to navigate through the challenges of the industry.
In addition to the approval of the financial statements, the Board of Directors has also proposed a distribution of cash dividends. The proposed dividend payout is set at 30% of the nominal value of one share, which is equivalent to 30 fils per share. This means that eligible shareholders will receive a total cash dividend payout of 5.42 million dinars for the financial year ending on December 31, 2023.
It is important to note that these cash dividends are subject to the established procedures of the Capital Markets Authority and Boursa Kuwait Company. Registered shareholders who meet the necessary requirements will be eligible to receive the dividends. This ensures that the distribution of dividends is conducted in accordance with the regulations and guidelines set by the relevant authorities.
The proposal for cash dividends demonstrates the Independent Petroleum Group Company’s commitment to creating value for its shareholders. By distributing a portion of its profits, the company aims to reward its investors and provide them with a return on their investment. This not only enhances the financial well-being of the shareholders but also reinforces their confidence in the company’s future prospects.
It is worth mentioning that the Independent Petroleum Group Company operates in a dynamic and highly regulated industry. Therefore, all financial decisions, including the distribution of dividends, are carefully considered and aligned with the company’s long-term strategy. By adhering to the established procedures and regulations, the company ensures transparency and accountability in its operations.
In conclusion, the approval of the audited financial statements and the proposal for cash dividends by the Board of Directors of the Independent Petroleum Group Company signify significant achievements for the company. The positive financial results reflect its ability to thrive in a challenging industry, while the proposed dividends demonstrate its commitment to creating value for its shareholders. As the company continues to navigate the ever-changing landscape of the petroleum industry, it remains dedicated to upholding the highest standards of transparency and accountability.
Source: TimesKuwait
