The financial statements of Aayan Leasing and Investment Company showed that the company turned to profitability at the end of last year compared to the losses it achieved in 2019.
According to the company's results for the Kuwaiti Stock Exchange, today, Sunday, last year's profits amounted to 20.69 million dinars, compared to the losses in 2019 of 14.62 million dinars.
The company said in a statement to the Stock Exchange that the improvement in results during the comparative years is due to 7 factors: reversal of the cost of financing, a reduction in real estate revenues, a reduction in the revenues of operational delay contracts , Reduction income from settlement of Islamic financing payables, reduction in share of associates, loss from discontinued operations, reduction of net impairment losses and expected credit losses and provisions.
The company also turned to profit in the fourth quarter of last year with a value of 24.7 million dinars, compared to losses for the same period in 2019 of 11.76 million dinars.
The company recorded operating income last year of 4.81 million dinars, compared to 15.91 million dinars in 2019, a decrease of 69.8%.
and the company's board of directors recommended, in its meeting that took place last Thursday, not to distribute dividends for the year 2020, and to raise the board of directors ’recommendation to reduce the company's capital due to its excess of the company's need, This is an amount equivalent to 10 million dinars (12%), to be distributed in cash to the shareholders after presentation to the extraordinary general assembly, after obtaining the necessary approvals from the Kuwait Capital Markets Authority and the relevant supervisory groups.
The company's losses rose by 40.2% in the first nine months of last year, to reach 4.01 million dinars, compared to losses of about 2.86 million dinars in the same period in 2019.
