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KFH registers 12% higher profits in Q3-19

KFH registers 12% higher profits in Q3-19
EPS soared by 12.6% to 27.67 fils in 9M-19
-1.43% 619.00 -9.00

Mubasher: The interim financial statements of Kuwait Finance House (KFH) showed a 12.1% year-on-year increase in profits during the third quarter of 2019.   

The net profits attributed to shareholders increased to KWD 82.83 million ($273.73 million) during Q3-19 when compared to KWD 73.885 million ($244.19 million) during the corresponding period in 2018, according to a disclosure to Boursa Kuwait on Monday.

During the first nine months of 2019, the net profits attributable to shareholders surged to KWD 190.496 million from KWD 169.102 million, with a 12.7% year-on-year rise.

Meanwhile, earnings per share (EPS) soared by 12.6% year-on-year to 27.67 fils in nine months when compared to 24.58 fils.

KFH attributed the profit increase to 7% higher operating income resulting mainly from an increase of 4.3% in total operating income.   

From January to September 2019, net operating profit stood at KWD 393.03 million, compared to KWD 367.47 million in the same period a year earlier, while the total operating revenue for the period grew to KWD 615.17 million from KWD 589.60 million last year.

It is worth noting that over the first half of 2019, KFH recorded a surge of 13.1% in profits to KWD 107.67 million from KWD 95.22 million in the same period a year earlier.