Mubasher: Al-Manar Financing and Leasing Company reported on Monday an increase in profits by 88.1% for the third quarter (Q3) of the year, as shown by the company’s financial statements.

Profits amounted to KWD 471,930 ($1.56 million) in Q3-19, compared with KWD 250,850 ($827,260) for the same period last year.

In the first nine months of 2019, profits grew by 15.7% to KWD 1.07 million, up from KWD 925,210 in the corresponding period a year ago.

The company attributed the rise in profits to lower provisions, according to a statement to Boursa Kuwait.