Mubasher: Kuwait Finance and Investment (KFIC) has recorded a 243% year-on-year profit hike during the first quarter of 2019.
The company’s profit surged to KWD 269,740 ($886,427) in Q1-19 versus KWD 78,690 ($258,593), according to a bourse statement released on Wednesday.
KFIC attributed the increase in its profit to the growth in return on investments, the revenue of asset management, and brokerage commissions.
Total operating profit soared 81% to KWD 2 million in the first three months of 2019, compared to KWD 1.1 million in the year-ago period.
The Kuwait-listed company reported a 62% year-on-year hike in losses during the fourth quarter of 2018, registering KWD 118,030 ($389,470).