LOC10:18
07:18 GMT
KUWAIT, Nov 5 (KUNA) -- The Kuwaiti Finance and Investment Company (KFIC) reported Sunday record profits of KD 229,4 thousand (USD 979,000) or 1.0 fils per share in the first nine months of 2017, compared to KD 222,3 (USD 726,9 thousand) and 0.7 fils in the corresponding period of last year.
These positive results are due the increase in rental income from real estate investments compared to the previous period, as well as the provision of credit loss compared to the provision for impairment losses in the previous period, the company said.
KAFIC was established in 2000 and was listed on the Kuwait Stock Exchange in 2003 with a capital of KD 32.2 million about (USD 105.2 million).
The purpose of the company is to grant short and medium term loans in order to finance the purchase of vehicles, household equipment and to finance commodity consumption of raw materials, manufactured or semi-finished products. (end)
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