Mubasher: The net profit of Arzan Financial Group for Financing and Investment slid by 57% in the fiscal year (FY) 2019 to stand at KWD 1.09 million from KWD 2.53 million a year earlier.
The lower annual earnings were attributed to a higher provision for credit facilities and lower financial assets at the fair value (FV) through other comprehensive income, according to bourse disclosure on Monday.
In addition, the profit drop is due to a provision for credit losses for retained cash and cash equivalents.
During the fourth quarter (Q4) of 2019, the company turned to a loss of KWD 2.8 million, against a profit of KWD 6,650 in Q4-19.
