Mubasher: Al Imtiaz Investment Group on Wednesday reported turning to losses in the fourth quarter of 2017.
The Kuwaiti investment company suffered KWD 2.9 million ($9.7 million) in losses in the last three months of 2017 against KWD 6.7 million ($22.3 million) in profits in the year-ago period, according to a bourse filing.
Meanwhile, for the full-year 2017, Al Imtiaz posted KWD 30.85 million in profits, up 124.7% from KWD 13.73 million.
Kuwait-listed Al Imtiaz attributed the higher annual profits to selling a part of its stake in an associate, which resulted in a profit of KWD 41.64 million.
Al Imtiaz last reported narrowing its profits by 44.6% to KWD 1.43 million ($4.74 million) in Q3-17 from KWD 2.58 million ($8.55 million) in the same period of 2016.
The company’s results for the first nine months of 2017 showed a 380.1% surge in profits to KWD 33.75 million compared to KWD 7.03 million in the corresponding period a year ago.
