Tawasul
Mubasher TV
Contact Us Advertising   العربية

Securities House’s Q1 profit drops 33%

Securities House’s Q1 profit drops 33%
Profits slumped to KWD 287,110 in Q1-19
SECH
SECH
22.83% 72.10 13.40

Mubasher: The Securities House’s profits tumbled 32.9% year-on-year in the first quarter of 2019.

Profits slumped to KWD 287,110 ($947,090) during Q1-19, from KWD 427,850 ($1.41 million) in Q1-18, according to a filing to Boursa Kuwait on Sunday.

The Securities House attributed the large drop in Q1-19 profits to a rise in revenues of the management’s fees that hit around KWD 1.23 million, along with a KWD 619,000 increase in total expenses.

In 2018, the firm’s profits skyrocketed 825.5% to KWD 204,810 from KWD 22,130 a year earlier.