Kuwait – Mubasher: First Takaful Insurance Company on Tuesday reported an increase of 178.4% in its profits for the first quarter of 2017, compared to Q1-16.
The company’s profits stood at KWD 950,640 ($3.12 million) in Q1-17, compared to KWD 341,520 ($1.12 million) in Q1-16, according to a filing to Boursa Kuwait.
First Takaful attributed the increase in net profits to acquiring profits from sister companies and the sale of available-for-sale investments.
The Kuwaiti insurance company achieved profits of KWD 1.08 million in 2016, against KWD 832,350 in 2015.
The stock dropped 5% on Tuesday at 55 fils after 87,100 shares were traded, achieving a liquidity of KWD 4,800.
