Kuwaiti Al Bareeq Holding’s profit up 74% in Q2-19

Mubasher: The profits of Al Bareeq Holding Co., formerly known as Sanad Holding Co., leapt by 73.8% year-on-year in the second quarter of 2019, according to a bourse disclosure to Boursa Kuwait on Thursday.

The profits of the period surged to nearly KWD 621,960 ($2.05 million) in Q2-19 from around KWD 357,850 ($1.18 million) in Q2-18.

In the first half of 2019, Al Bareeq Holding’s profits rose by 111% to about KWD 818,560 from around KWD 387,890 in H1-18.

The company attributed the profit growth to the increase in dividends, the rise in rental income, as well as the decrease in administrative expenses.

Al Bareeq Holding registered net operating profit of KWD 1.17 million in H1-19 from around KWD 790,750 in H1-18, with a 47.4% increase.

Mubasher Contribution Time: 15-Aug-2019 09:32 (GMT)
Mubasher Last Update Time: 15-Aug-2019 09:32 (GMT)