Investment Dar doubles Q2 profit

Islamic investment firm Investment Dar, Kuwait's second-largest diversified holding firm by market value, posted a more than doubling of second-quarter profit after selling a stake in another investment firm, it said on Saturday.

The company's profit in the three months to June 30 jumped 129% to KD50.8 million ($180 million), compared with KD22.21 million in the year-earlier period, according to a Reuters calculation.

First-half profit was KD91.5 million, compared with KD50.7 million a year earlier, Investment Dar said in a statement on the bourse website. Investment Dar made KD40.68 million in the first quarter of this year.

Earnings per share of 67.50 fils in the quarter compared with 33.84 fils a year earlier. There are 1,000 fils to the dinars.

The firm, which invests according to Islamic law, had booked a profit of KD48.7 million in June by selling its majority stake in Al-Madar Finance and Investment to Stehwaz Holding.

First-half profit included unrealised gains of KD14 million, reflecting the value of investments, Investment Dar said, without elaborating.

Revenues rose to KD133.2 million in the first six months, compared with KD80.2 million in the same period a year ago, the company said.

Total assets rose 37% to KD1.172 billion in the first half, while shareholders' equity jumped 70.3% to KD382.1 million.

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