Mubasher: Al Imtiaz Investment Group reported a decline of 44.6% in profits during the third quarter of 2017 compared to the same period a year ago.
Profits shrank to KWD 1.43 million ($4.74 million) in Q3-17 from KWD 2.58 million ($8.55 million) in Q3-16, according to a bourse statement issued on Monday.
During the first nine months of 2017, earnings surged by 380.1% to KWD 33.75 million compared to KWD 7.03 million in the corresponding period a year ago.
The rise in the nine-month profits is attributed to a partial sale of a stake in an associate, generating a gain of KWD 41.51 million.
It is noteworthy that the company’s earnings increased by 626.3% to KWD 32.32 million in the first six months of 2017 compared to KWD 4.45 million in the same period a year ago.
At the stock level, Al Imtiaz closed Monday’s session 0.58% higher at 170 fils, after 3.75 million shares were exchanged.
