Injazzat profits dip 37% in Q3

The company ascribed the profit drop to lower rental income

Mubasher: The profits of Injazzat Real Estate Developmentretreated by 37% to KWD 337,000 ($1.11 million) during the third quarter of 2019 from KWD 535,000 ($1.77 million) in Q3-18.

During the first nine-month period in 2019, the firm recorded profit worth KWD 2.08 million, 23.3% lower than KWD 2.71 million a year earlier, according to a bourse statement on Tuesday.

The company ascribed the drop in profit to lower rental income.

It is worth pinpointing that over the first half of 2019, the company’s profit slid by 19.8% to KWD 1.74 million when compared to KWD 2.17 million in the corresponding half in 2018.

Source: Mubasher

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