By: Mohamed Farouk

Kuwait – Mubasher: Financial results of 14 companies listed on the Kuwait Stock Exchange's (KSE) consumer services sector showed a combined profit year-on-year growth of 7% in the third quarter of 2016.

Profits for the sector reached KWD 11.08 million ($36.31 million) in Q3-16, up from KWD 10.36 million ($33.95 million) in the year-ago period, according to statistics compiled by Mubasher.

On a nine-month basis, sector profits increased 10.3% year-on-year to KWD 33.82 million ($110.83 million) in 2016 from KWD 30.66 million ($100.48 million) in 2015.

The consumer services sector's profits made up 2.6% of the KSE's overall sectors' profits in Q3-16 and 2.7% for the first nine months of 2016.

Jazeera Airways reported the highest profits in the sector both at the level of Q3-16 and the first nine months, which came at KWD 6.02 million and KWD 12.01 million, respectively.

Kuwait National Cinema came in second with KWD 2.56 million profits in Q3-16 and KWD 7.49 million in the nine-month period.

Meanwhile, Alrai Media Group posted the sector's lowest profits in Q3-16 of KWD 1,000, while Zima Holding was the achieved the lowest earnings for the nine-month period, after posting KWD 27,000.

On the flip side, five companies in the sector incurred losses, led by International Resorts with KWD 203,000 in Q3-16 and KWD 743 million in the first nine months of 2016.

Zima recorded the lowest losses during Q3-16 of KWD 7,000. On the nine-month basis, Kuwait Cable Vision was the lowest in terms of losses with KWD 155,000.

Translated by: Nada Adel Sobhi