Mubasher: The net profit of Gulf Investment House (GIH) plunged by 98.3% during the fiscal year (FY) 2019, reaching KWD 219,763 when compared to KWD 13 million in 2018.
The negative 2019 results are due to an extraordinary profit worth KWD 17.7 million that was recorded by 2018 year-end, according to a stock exchange filing on Sunday.
Over the fourth quarter (Q4), GIH incurred KWD 63,155 worth of losses, against profits of KWD 12.2 million in the same quarter a year ago.
Moreover, the board of directors did not recommend any dividends for 2019.
In the first nine months of 2019, the profits declined by 66% to KWD 282,900 from KWD 839,300 in the corresponding period in 2018.
