Mubasher: KAMCO Investment on Sunday announced achieving a profit surge in the third quarter of 2017, along with positive results for the first nine months of the year.
The Kuwaiti company logged KWD 621,320 ($2.06 million) in profit in the period between June and September, registering a sharp increase of 273.3% from KWD 166,430 ($550,820) in the corresponding period of 2016, according to a filing to Boursa Kuwait.
As for the first nine months of 2017, KAMCO posted KWD 996,680 in profits, up 11.93% year-on-year from KWD 890,407.
Diluted earnings per share (EPS) amounted to 4.20 fils in H1-17 versus 3.74 fils in the year-ago period.
KAMCO attributed its profit rises to higher profitability from selling one of its financial assets as well as the reevaluation of one of its associates as an investment firm.
Meanwhile, current assets amounted to approximately KWD 20.090 million in H1-17, down 19.83% from KWD 25.059 million in the prior year period, KAMCO revealed in its statement.
The Kuwaiti investment firm had previously reported KWD 375,360 in profit in H1-17, registering a 48.2% drop from KWD 723,980 in the same period of 2016.
