Mubasher: Arzan Financial Group for Financing and Investment registered a decline of 78% in net profits during the third quarter of 2019 when compared to the same three months last year.
Earnings decreased to KWD 410,875 in Q3-19 from KWD 1.87 million in Q3-18, according to a bourse disclosure on Sunday.
During the first nine months of 2019, Arzan Financial registered KWD 3.95 million worth of net profit, 56.1% higher than KWD 2.53 million in the corresponding period a year earlier.
The company attributed the growth in profits to higher change in fair value (FV) of financial assets at FV through profit or loss, an increase in revenue from contracts with the company’s customers, and higher share of results of associates.
It is noteworthy that during the first half of this year, Arzan achieved an increase of 440% in profits to KWD 3.54 million, compared to nearly KWD 655,100 in the same period last year.
