Mubasher: Wethaq Takaful Insurance incurred a loss of about KWD 66,570 ($222,910) in the fourth quarter of 2017 against profits worth nearly KWD 228,510 ($765,150) in the same quarter in 2016.

During fiscal year 2017, profits shrank by 90% to approximately KWD 90,030 compared to around KWD 903,910 in the previous fiscal year, according to a bourse statement on Monday.

The drop in FY17 profits is attributed to losses from evaluating the shares, the statement noted.

During the nine-month period in FY17, the insurance company posted a decline of 76.8% in profits to about KWD 156,600 compared to approximately KWD 675,400 in the same period in FY16.