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Noor Financial’s profits dip 67% in Q2-19

Noor Financial’s profits dip 67% in Q2-19
Noor recorded an increase of 2.5% in Q1-19 profits
0.54% 186.00 1.00

Mubasher: Noor Financial Investment reported a decline of 66.56% year-on-year during the second quarter of 2019, according to a filing to Boursa Kuwait on Sunday.

Noor posted profits of KWD 1.29 million ($4.24 million) in Q2-19, compared to KWD 3.87 million ($12.73 million) in Q2-18.

During the first six months of 2019, Noor’s profits levelled down 37.68% YoY to KWD 4.14 million from KWD 6.64 million in H1-18.

Noor has attributed the decline in profits to the following reasons: reduction of gain on partial disposal of associates, incurring KWD1.45 million losses from suspended operations, a foreign exchange loss amounting to KWD 1.12 million, and impairment of intangible asset by nearly KWD 940,000.

It is worth to mention that Noor’s total operating revenues fell by 5.32% YoY during H1-19 to KWD 17.43 million, when compared to KWD 18.41 million in H1-18.

During the first quarter of 2019, Noor recorded an increase of 2.5% in profits to KWD 2.84 million, compared to KWD 2.77 million in the same period a year earlier.