Mubasher: Egypt Kuwait Holding, the company listed on Boursa Kuwait and the Egyptian Exchange (EGX), on Wednesday reported a 278% year-on-year surge in its third-quarter profits.
Net profit amounted to KWD 10.6 million ($35.1 million) in Q3-17, versus KWD 2.8 million ($9.3 million) in Q3-16, the company highlighted in a filing to Boursa Kuwait.
In the first nine months of 2017, net profits hiked 71% to KWD 21.3 million from KWD 12.5 million in the prior-year period.
The company attributed the leap in net profit to the increase in the gross profit activity to $73.7 million in the nine-month period ended September 2017 from $72.8 million in the year-ago period, in addition to the rise in interest revenues to $18.7 million.
EK Holding had previously posted a 10.8% rise in net profit of KWD 10.78 million in the first half of 2017, versus KWD 9.73 million in H1-16.