Mubasher: Commercial Facilities reported a 193.8% year-on-year profit surge during the second quarter of 2019.
Net profits skyrocketed to KWD 5.61 million ($18.49 million) in the three-month period ended 30 June, compared to KWD 1.91 million ($6.3 million) in the year-ago period, according to a statement to Boursa Kuwait on Tuesday.
As for the first half of 2019, the company logged a profit of KWD 8.51 million, rising by 87% year-on-year from KWD 4.55 million.
The profit hike was ascribed to higher investment earnings and reversal in provision for expected credit loss.
During the three-month period ended 31 March, the company’s profits grew to KWD 2.9 million from KWD 2.64 million in Q1-18.
