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17 May

KFIC turns to profits in Q1


Kuwait Finance and Investment (KFIC) on Tuesday announced turning to profits in the first quarter of 2017, against losses in the year-ago period.

Net profits reached KWD 146,350 ($479,550) in the first three months of 2017, against losses of KWD 255,510 ($837,230) in Q1-16, according to a filing to Boursa Kuwait.

The company attributed turning to profit to the increase in revenues from its investments, brokerage commissions, and leasing income.

Furthermore, operating income grew 76% year-on-year to reach KWD 1.65 million in Q1-17, from KWD 939,300.

KFIC had previously reported a 78.5% decline in annual profits to KWD 212,000 in 2016, compared to KWD 986,000 in 2015.

Source: Mubasher

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