Mubasher: Al Imtiaz Investment Group reported an 82.9% year-on-year decline in profits during the first quarter of 2019.

The group’s profits amounted to KWD 1 million ($3.3 million) in Q1-19, compared to KWD 5.85 million ($19.3 million) in Q1-18, according to a statement to Boursa Kuwait on Sunday.

The Kuwait-based firm attributed the sizeable decrease in Q1-19 profits to a drop in the sale of a stake in an associate.

The Central Bank of Kuwait (CBK) stated that the total value of Al Imtiaz Investment’s financing portfolio amounts to KWD 713,000, and provisions worth KWD 697,000.

In March, the company’s ordinary general meeting (OGM) approved a proposal for distributing 8% of the share’s par value, or 8 fils per share, as cash dividends.

During the full-year 2018, Al Imtiaz Investment reported a 35.1% decrease in profits to KWD 20.02 million ($66.18 million) from KWD 30.85 million ($101.98 million) a year ago.