International Financial Advisors repays first installment in $82mln loan

The impact of the settlement will be registered in the financial statements in Q4-20

  
Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

Close-up of Kuwaiti bank notes (toned). Image used for illustrative purpose.

Getty Images

Kuwait - International Financial Advisors (IFA) has repaid KWD 3 million ($9.8 million) as the first installment in a loan amounting to KWD 24.98 million ($81.9 million).

The completion of the first payment as agreed in the fourth quarter (Q4) 2020 will result in a profit deduction of KWD 18.98 million as per the signed contract, according to the company's disclosure to Boursa Kuwait on Thursday.

Hence, the financial impact of the settlement will be registered in the financial statements of the company, listed on Boursa Kuwait and the Dubai Financial Market (DFM), in Q4-20.

It is noteworthy to mention that during the first nine months of 2020, the company reported net profits attributable to the owners of the parent company of KWD 780,196, against KWD 4.21 million net losses in the same period of 2019.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2020 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.