Kuwait – Mubasher: Noor Financial Investment on Wednesday announced turning to profits in the third quarter of 2016 versus losses in the same period in 2015.
The Kuwaiti company posted a profit of KWD 13,400 ($44,000) in Q3-16 against a loss of WKD 1.98 million ($6.5 million) in the corresponding period of 2015, according to a bourse filing.
Profits for the nine-month period ended 30 September 2016 stood at KWD 70,040 up 16.9% from KWD 59,910 in the same period of 2015.
Noor's profits were due to a rise profits from sister companies as well as an increase in leasing revenues, the statement showed.
It added that a decline in the value of investments available for sale, non-tangible assets and investments in sister companies also contributed to the achievement.
Noor's stock grew 3.41% to 45.5 fils by 11:25am Kuwait time, after 1.31 million shares changed hands at a turnover of KWD 59,000.
