Mubasher: Inovest has suffered a loss of $13.1 million in the fourth quarter of 2017 against a profit of $900,000 in the same period in 2016, according to a recent statement.

During the fiscal year 2017, net profits attributed to shareholders shrank by 42% to $5.9 million from $10.1 million in FY16.

Inovest’s net operating profits enlarged by 63% to $12.2 million in FY17 compared to $7.4 million in FY16, the statement added.

Earnings per share (EPS) attributed to equity stakeholders stood at 2.06 cents in FY17 compared to 3.55 cents in FY16.

The Sharia-compliant investment company clarified that the plummet in FY17 profits is attributed to a significant provision worth $15.5 million taken against a case related to an investment entity in Kuwait.

“We are gearing up to continue our profitability in 2018,” the CEO of Inovest, Murad Al Ramadan, said.