The Al-Imtiaz Investment Group, listed on the Kuwait Stock Exchange, incurred annual losses last year of approximately 21 million dinars, compared to 2019's profits of 19.72 million dinars. p>
The company’s results showed a loss of 4.49 million dinars during the fourth quarter of last year, compared to losses of 4.48 million dinars for the same period in 2019, a slight increase of 0.20 %.
The company said in a statement to the stock exchange, today, Monday, that the negative shift in results during the years of comparison is due to 3 main factors, the first of which is the impact of the group's assets due to its exposure to the real estate sector ; As a result, the change in the fair value of the investment properties decreased.
The second factor that caused the Group to incur losses in the past year is due to unrealized losses from the change in the fair value of financial assets at fair value through profit or loss, The third factor is represented by impairment losses and other provisions.
The company's board of directors recommended, in its meeting held yesterday, Sunday, the approval of the audited financial statements for the past year, and the recommendation to the General Assembly not to distribute profits for the fiscal year ending on December 31 December 2020.
