Mubasher: Net losses of International Financial Advisors (IFA) narrowed by 70.7% to KWD 3.6 million (approx. $11.80 million) by 2019 year-end when compared to KWD 12.3 million (approx. $40.30 million) in 2018, the annual unaudited initial financials revealed.
IFA's loss per share amounted to 14.42 fils last year, down from 18.22 fils in 2018, according to a bourse statement on Sunday.
Moreover, revenues retreated to KWD 60,648 in 2019 as compared to KWD 5.14 million in 2018.
During 2019, IFA sold its investment in National Leasing and Financing Company which led to a loss worth KWD 166,336, in addition to its investment in Al Wafir Marketing Services Company which generated a profit of KWD 66,781.
It is worth highlighting that over the period from January to September of 2019, the losses plunged by 62.8% to KWD 4.213 million from KWD 11.322 million in the same period in 2018.
IFA is a dual-listed company on the Dubai Financial Market (DFM) and Bourse Kuwait.
