Kuwait – Mubasher: Gulf Insurance Group reported a growth of 2.4% in profits of the second quarter of 2016 as compared to the same period in 2015.
Earnings increased to KWD 3.83 million ($12.64 million) in Q2-16, from KWD 3.74 million ($12.34 million) in Q2-15, according to a bourse statement issued Thursday.
During the first half of 2016, profits shrank to KWD 7.13 million from KWD 7.49 million in H1-15; a fall of 4.8%.
The decrease in profits was due to a share of losses form an associate, and losses from valuation some investments in Egyptian Pound as a result of the devaluation of the Egyptian Pound against Kuwaiti Dinar, the statement clarified.
