Arzan Financial Group earned KD 9.16 million (USD 30.2 million) worth of net profits in the past six months, against KD 3.6 million (USD 11.8 million) in the same period in 2021, rising by 149 percent.

Earnings per share rose by 11.34 fils, against 4.5 fils, increasing by 150 percent, according to a statement posted on Boursa Kuwait website.

Arzan Financial attributed the increase in profits during the comparison period to a number of factors, mostly the increase in foreign currency exchange profits and dividends, a decrease in the cost of financing, and an increase in revenues from contracts of some clients.

Arzan was established in 1980 and was enlisted at the Kuwaiti bourse in 1996. Its capital amounts of KD 83 million (USD 274 million) and works in granting consumer loans to individuals, financing small and medium-sized companies, and providing services for the purchase and sale of securities.

Source: Kuwait News Agency