Mubasher: Al Imtiaz Investment Group said that one of its associates has signed a debt settlement contract with a GCC lender that led to generating a profit of KWD 1.09 million.
Al Imtiaz is forecast to log KWD 547,290 in profits from this settlement, which will be realised in the company’s financial statements for the second quarter of 2019, according to a recent filing to Boursa Kuwait.
It is noteworthy that Al Imtiaz Investment Group owns a 49.81% stake in the associate firm, which is Al Ritaj Investment Company, according to Mubasher.
During the first quarter of 2019, Al Imtiaz reported an 82.9% year-on-year decline in profits to KWD 1 million from KWD 5.85 million.
