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IPG expects Q3 profits to leap 867%

IPG expects Q3 profits to leap 867%
These financial results are primary statements (Photo Credit: Arabianeye-Reuters)
IPG
IPG
-4.12% 465.00 -20.00

Kuwait – Mubasher: Independent Petroleum Group (IPG) has expected the net profit of the third quarter this year to reach KWD 1.431 million ($4.73 million) as compared to KWD 148,000 ($489,260) in the same quarter of 2015, a jump of 867% year-on-year.

The estimated earnings per share is 9.89 fils in Q3-16, compared to 1.02 fils in Q3-15.

IPG expected profits of the nine-month period in 2016 to stand at KWD 3.967 million, 148.1% higher from KWD 1.599 million in the corresponding period last year, according to a recent statement.

These financial results are primary statements, and IPG will later announce the final results through Kuwait Stock Exchange (KSE).

On the stock level, IPG ended Tuesday’s session down 7.81% to 345 fils after nearly 2,000 shares were exchanged at a value of KWD 690.