IFA turns to profitability in 9M

Mubasher: International Financial Advisors (IFA) reported net profits attributable to the owners of the parent company of KWD 780,196 ($2.56 million) in the first nine months of 2020, against KWD 4.21 million ($13.78 million) net losses in the same period of 2019.

Turning to profitability is attributed to higher commission income to KWD 6.08 million and gains on the settlement of borrowings of KWD 10.22 million, according to the company's unaudited consolidated financial results for the period ended on 30 September 2020.

The basic and diluted earnings per share (EPS) settled at 3.13 fils in the first nine months of 2020, versus a loss per share of 16.9 fils.

Meanwhile, the company saw net profits of around KWD 12.68 million during the third quarter (Q3) of 2020, up 523% from net profits of KWD 2.04 million in the corresponding period of 2019.

It is noteworthy to mention that in the second quarter (Q2) of 2020, the net losses of the company, listed on Boursa Kuwait and the Dubai Financial Market (DFM), rose by 276% to KWD 7.67 million from KWD 2.04 million in the year-ago period.

Mubasher Contribution Time: 14-Oct-2020 06:51 (GMT)
Mubasher Last Update Time: 14-Oct-2020 06:51 (GMT)