Mubasher: Aayan Leasing and Investment announced that its latest settlement in Saudi Arabia with its affiliated company Mashaer Holding Co will deliver around KWD 333,000 ($1.1 million) in profits.

The expected profit from the recently announced settlement will be registered at the final payment during a duration of 30-day after issuing a clearance certificate from the Saudi General Authority of Zakat and Tax (GAZT), Aayan said in a statement to Boursa Kuwait.

On Sunday, Aayan said it received an official letter from the GAZT, in which the authority approved settling zakat and value-added tax (VAT) conflicts on linking capital gains tax to Mashaer and Masaa Real Estate.

Following the settlement, Mashaer will generate a profit of SAR 16.655 million, equivalent to KWD 1.366 million ($4.45 million).

In the first quarter of 2019, Aayan turned to losses, incurring a net loss of KWD 3.06 million, against generating KWD 481,080 in profits in Q1-18.