Mubasher: Arzan Financial Group for Financing and Investment on Monday stated that it turned to profits during the fourth quarter of 2018, against suffering losses in Q4-17.

The group’s profits amounted to KWD 7,000 ($23,100) in Q4-18, against incurring KWD 687,000 ($2.3 million) in losses during Q4-17, according to a bourse filing.

Annual profits levelled up 45.4%, logging KWD 2.53 million in 2018, compared to 1.74 million a year before.

The rise in annual earnings was attributed to various factors, including a growth in interest revenues and an increase in dividends distributions’ revenues.

During its meeting on Sunday, Arzan's board recommended not to distribute cash dividends for 2018.