Mubasher: International Financial Advisors (IFA) has achieved a profit after its subsidiary, IFA Hotels and Resorts, sold a stake in Yotel Investment Limited Company.

IFA, which is listed on both Boursa Kuwait and the Dubai Financial Market (DFM), said that the profit is worth KWD 2.89 million ($9.61 million), according to a bourse statement issued on Wednesday.

The financial impact from this deal will be registered in the income statements of the third quarter of this year.

At the stock level, IFA closed Wednesday’s session 2.06% lower at 38.1 fils on Boursa Kuwait, while IFA Hotels gained 5.66% to close at 280 fils.