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Al Madina for Finance’s losses retreat 23% in 2019

Al Madina for Finance’s losses retreat 23% in 2019
Loss per share amounted to 5.41 fils in 2019.
ALMADINA
ALMADINA
-0.61% 16.20 -0.10

Mubasher: Net losses of Al Madina for Finance and Investment narrowed by 23% on an annual basis in the fiscal year ended 31 December 2019 to KWD 2.11 million ($6.94 million) from KWD 2.72 million ($8.95 million).

Loss per share amounted to 5.41 fils last year, down from 6.99 fils in 2018, according to a bourse statement on Thursday.

In the fourth quarter (Q4) of last year, losses decreased by 5% to KWD 581,242 from KWD 611,208 in the same quarter in 2018.

The company ascribed the 2019 results to losses from investments valued at KWD 838,904 as well as others worth KWD 482,289 registered by associates.

It is worthy to note that during the first nine months of 2019, the firm’s losses totalled KWD 1.53 million from KWD 2.11 million in 2018, posting a 28% year-on-year decrease.

Al Madina for Finance is dually listed on Boursa Kuwait and the Dubai Financial Market (DFM).