Mubasher: Gulf Investment House (GIH) on Sunday said that profits skyrocketed to KWD 12.23 million ($40.35 million) in the fourth quarter of 2018, from KWD 368,000 ($1.21 million) in Q4-17.

GIH turned profitable in fiscal year 2018 after generating KWD 13.07 million profits, against KWD 712,170 in losses during 2017, according to a statement to Boursa Kuwait.

The company attributed turning to profits during last year to transferring debts to shareholders’ equity and to imposing International Financial Reporting Standards (IFRS) at a value of KWD 17.8 million.

GIH’s stock levelled up 1.16% to close Sunday’s trading session at 43.5 fils after 172,410 shares were exchanged, generating KWD 7,090.