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Mabanee’s profit grows to KWD 12.17m in Q1

Mabanee’s profit grows to KWD 12.17m in Q1
Mabanee attributed the slight increase in profits to a decrease in financing costs.
MABANEE
MABANEE
1.20% 840.00 10.00

Mubasher: Mabanee Co posted a 0.91% year-on-year hike in its profits for the first quarter of 2018.

The firm’s profits amounted to KWD 12.17 million ($40.44 million) in the three-month period ended March 2018, compared to KWD 12.06 million ($40.08 million) during Q1-17, according to a statement to Boursa Kuwait on Tuesday.

Mabanee attributed the slight increase in profits to a decrease in financing costs.

Earnings per share (EPS) hit 12.42 fils during Q1-18, up from 12.30 fils in the year-ago period.

The Boursa Kuwait-listed company’s total assets jumped 12.9% to KWD 815.9 million by the end of Q1-18, from KWD 722.8 million in the corresponding period a year earlier.

By 9:33 am Kuwait time, the stock rose 1.10% to 643 fils.