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.
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