Date: 14 Rajab 1442   Thursday 25 February 2021

  • Last Update: Thursday 25 February 2021، 13:24:46.

Kuwait Investment Corporation turns into a loss in 2020 due to the impact of the Corona pandemic

11:05 22 February 2021 Author :  

 According to the company’s results for the Kuwaiti Stock Exchange, today, Monday, last year’s losses amounted to 5.567 million dinars ($ 18.45 million), compared to 2019’s profits of 17.505 million dinars ($ 58.01 million).

The company said that the decline in results during the comparative years is mainly due to the decrease in the fair value of some investments and to the decrease in the value of non-financial assets as a result of the impact of the Coronavirus pandemic on the performance of global and local financial markets.

The company achieved profits of 6.273 million dinars in the fourth quarter of this year, compared to a profit of 6.769 million dinars for the same period of the previous year, a decrease of 7.3%.

The total equity of the company’s shareholders in the past year was about 105.88 million dinars, a decrease of 14.3% from its value in 2019 of 123.49 million dinars.

The company recorded a total operating income of 9.77 million dinars last year, compared to 37.84 million dinars in 2019, a decrease of 74.2%.

The Board of Directors of the company, in its meeting held yesterday, Sunday, approved the approval of the annual financial statements for the past year, approved the invitation to hold the annual general assembly No. (58), and recommended not to distribute dividends for the year 2020.

she was The company turned into a loss in the first nine months of last year With a value of 11.84 million dinars, compared to a profit of the same period in 2019 of 10.74 million dinars.

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