Mubasher: Arzan Financial Group for Financing and Investment reported a decline of 84.4% in losses during the fourth quarter of 2016 as compared to the same period of 2015.

The losses shrank to KWD 1.32 million ($4.33 million) in Q4-16 from KWD 8.47 million ($27.76 million) in Q4-15, according to a bourse statement issued on Wednesday.

During the fiscal year, Arzan achieved a profit of nearly KWD 671,420 against a loss of KWD 7 million in FY15.

The board members recommended zero dividends for FY16.

Boursa Kuwait has resumed the trading of Arzan’s stock following the disclosure of its financial statements; the stock rose by 4% to reach 39 fils by 10:30 am Kuwait time.