|19 August, 2019

Profits of 157 Kuwaiti listed firms grow 6% in Q2 2019

The banking sector led the quarterly top gainers

Image used for illustrative purpose. Stock traders watch the Kuwait Stock Exchange trading floor in Kuwait September 13, 2005.

Image used for illustrative purpose. Stock traders watch the Kuwait Stock Exchange trading floor in Kuwait September 13, 2005.

REUTERS/Stephanie McGehee

Mubasher: The overall profits of 157 Kuwaiti companies listed on Boursa Kuwait rose by 5.7% year-on-year during the second quarter of 2019.

Total profits of the period soared to KWD 542.013 million ($1.79 billion) in Q2-19 from KWD 512.993 million ($1.69 billion) in Q2-18, according to data collected by Mubasher.

The banking sector led the quarterly top gainers with 56.1% of Boursa Kuwait’s total profits at a value of KWD 303.89 million, followed by the financial services sector which acquired 13.9% at a value of KWD 75.35 million.

The health care sector posted the lowest profit value of less than KWD 600,000 representing 0.11% of the stock market’s total profits. In terms of losses, the technology sector solely incurred losses of around KWD 13,000 registered by the Automated Systems Company.

Meanwhile, the National Bank of Kuwait (NBK) logged the highest quarterly profits at a value of KWD 101.36 million, followed by a value of KWD 56.07 million recorded by Kuwait Finance House (KFH), while Kuwait Cable Vision Company registered the lowest profits of about KWD 1,000 in Q2-19.

In contrast, Abyaar Real Estate Development came on top of the losers in Q2-19 with KWD 19.67 million worth of losses, followed by a value of KWD 51.53.26 million logged by First Investment, while the lowest losses were around KWD 6,000 by Hayat Communications.

157 Kuwaiti firms post KWD 1.1bn profit in H1

During the first half of 2019, total profits of 157 companies stood at KWD 1.119 billion, 5.7% higher than KWD 1.058 billion in H1-18, as firms announced by the end of 15 August’s trading session.

The banking sector registered a 54.6% of Boursa Kuwait’s profits at KWD 610.59 million, followed by the financial services sector with 14.1% at KWD 157.47 million, while the technology segment logged the lowest profits of around KWD 23,000.

The National Bank of Kuwait (NBK) was the highest profitable bank in the first half of 2019 with KWD 209.09 million, followed by a value of KWD 114.44 million by the Ahli United Bank – Bahrain (AUB Bahrain), while the National Consumer Holding Company posted the lowest profits of about KWD 22,000 in H1-19.

On the contrary, Abyaar Real Estate Development came on top of the losers in H1-19 with KWD 19.81 million losses, followed by a value of KWD 6.25 million by the International Financial Advisors (IFA), while Wethaq Takaful Insurance posted the lowest losses of around KWD 403.

Translated by: Amal A. Wahaab

Source: Mubasher Exclusive

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