Mubasher: Arzan Financial Group for Financing and Investment, listed on Boursa Kuwait, has turned to profitability during the second quarter of 2019.

The group generated a profit of KWD 1.25 million ($4.11 million) during the three-month period ended 30 June 2019, against a loss of KWD 132,230 ($434,820) in Q2-18, according to a bourse filing.

In the first half of 2019, Arzan achieved a profit of KWD 3.54 million, up 440% from KWD 655,110 in H1-18.

The H1-19 profit growth was mainly driven by an increase in the fair value of financial assets and an increase in revenue from contracts, as well as an increase in Arzan’s stake in affiliated companies.

Moreover, total operating revenue amounted to KWD 8.09 million in H1-19, up 101% from KWD 3.99 million in the prior-year period.

It is worth noting that Arzan previously reported a 190.5% surge in profits for Q1-19, recording a profit of KWD 2.29 million, compared to KWD 787,000 in Q1-18.