Mubasher: Arzan Financial Group for Financing and Investment on Sunday said it achieved a 31.6% year-on-year profit growth in the second quarter of 2017.
Profits increased to KWD 971,760 ($3.22 million) in Q2-17 from KWD 738,190 ($2.45 million) in the corresponding period of 2016, according to a bourse filing.
Results for the first six months of the year showed a net profit rise by 15.3% to KWD 1.58 million compared to KWD 1.37 million in H1-16.
Arzan’s profits rose on the back of the “sale of investments at fair value through profit or loss, [and] the increase in change in fair value of investments at fair value through profit or loss,” the company said in its statement.
It added that a rise in dividends income, decline in income from instalment credit debtors, lower advisory fees, and share of results from associates also contributed to the profit growth.
Arzan had previously reported a 3.7% decline in profits to KWD 608,240 in Q1-17, from KWD 631,810 in the year-ago period.
Arzan’s stock closed Sunday’s trading session in the green, rising 2.78% to 37 fils after 100 shares were exchanged through a single transaction.
