Kuwait -  Al Imtiaz Investment Group’s profit plunged by 70% year-on-year during the third quarter of 2019, accoring to the firm's financial statements.

The company’s profit tumbled to KWD 1.431 million in Q3-19 when compared to KWD 4.766 million in the corresponding quarter in 2018, the company disclosed to Boursa Kuwait on Wednesday.

During the period from January to September 2019, Al Imtiaz Investment achieved profits worth KWD 24.805 million, 45.3% higher than KWD 17.067 million from the corresponding period a year earlier.

Earnings per share (EPS) leapt by 47.3% to 24.14 fils during the nine-month period from 16.39 fils a year earlier.

The firm attributed the increase in 9M-19 net profit to the unrealised income resulted from the change in the fair value (FA) of a former sister company and which was transferred into financial assets at a fair value worth KWD 23.340 million through profits or losses.

It is worth highlighting that over the first half of 2019, the firm’s profit hiked 90% to KWD 23.37 million, compared to KWD 12.3 million a year earlier.

Source: Mubasher

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