Mubasher: The financial statements of Bahrain Kuwait Insurance Company indicated a 41% year-on-year decrease in profits during the third quarter of 2019.
The profits plunged to KWD 531,925 in Q3-19 when compared to KWD 899,028 during the corresponding quarter in 2018, according to a bourse statement on Wednesday.
During the first nine-month period of 2019, the firm achieved profits worth KWD 2.207 million, compared to KWD 2.257 million in the corresponding period in 2018, with a 2% year-on-year decline.
Earnings per share (EPS) slipped by 4% to 15 fils during the period from January to September 2019 when compared to 16 fils a year earlier.
The company attributed the profit drop to additional provisions for VAT by BHD 434,000 (one off) on unearned premium in addition to other provisions worth BHD 570,000 for the unreported incurred losses.
It is worth noting that over the first half of 2019, the company’s profits leapt by 22% to BHD 2.1 million ($5.5 million), compared to BHD 1.7 million ($4.50 million) in H1-18.
Bahrain Kuwait Insurance Company is a dual-listed company on Boursa Kuwait and Bahrain Bourse (BHB).
