Mubasher: Kuwait Financial Centre (Markaz) reported a 112.4% year-on-year increase in profits during the first quarter of 2019.

Markaz’s profits amounted to KWD 3.643 million in Q1-19, compared to KWD 1.715 million ($5.65 million) during Q1-18, according to a statement to Boursa Kuwait on Thursday.

The firm attributed the growth of Q1-19 profits to a rise in the fair value (FV) of financial assets.

On Wednesday, the board approved the financial statements for Q1-19, in addition to implementing International Financial Reporting Standards 16 (IFRS16).

The implementation of IFRS16 will boost assets by KWD 807,000, and will lead to an increase of KWD 819,000 in liabilities, Markaz noted. 

In 2018, the Boursa-Kuwait’s firm profits tumbled 48.3% to KWD 2.29 million, against KWD 4.43 million a year ago.