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First Takaful’s profit falls 27% in Q1

First Takaful’s profit falls 27% in Q1
FTI
FTI
6.85% 39.00 2.50

Mubasher: First Takaful Insurance (FTI) posted a 27.12% year-on-year drop in its profits for the first quarter of 2019.

Net profits stood at KWD 317,240 ($1.05 million) in Q1-19, compared to KWD 435,330 ($1.43 million) in Q1-18, according to the company’s statement to Boursa Kuwait on Thursday. 

The decline in Q1-19 profit was attributed to the drop in the company’s profit stake from associates, the Kuwait-based insurer said.

Total operating profits of FTI plunged 28.79% year-on-year to KWD 360,420 by the end of March.