Kuwait – Mubasher: Aayan Leasing and Investment on Monday reported a profit surge of 898.3% during the first quarter of 2017, compared to the same period of the previous year.
Profits reached about KWD 5.06 million ($16.58 million) in Q1-17, compared to KWD 506,860 ($1.66 million) in Q1-16, according to a bourse filling.
Operating income rose 95% year-on-year to KWD 11.5 million in the first three months of the year from 5.91 million, the Kuwaiti company’s financial results showed.
In March, Aayan and Mubarrad Transport Company, a subsidiary of the parent company, signed an agreement with a third party to sell their entire equity in Insha’a Holding Company.
As a result, the group recorded a profit of KWD 5.8 million in the interim consolidated income statement.
In 2016, the company’s profits declined 46.4% to KWD 3.79 million from KWD 7.07 million in the previous year.
Aayan’s stock ended Monday’s trading session stable at 43.5 fils, after 5.13 million shares were traded at a value of KWD 220,050.
