Kuwait Finance and Investment Company (KFIC) has reached an agreement with some of the non-regular customers to repay their debts entirely, the company’s CEO said, adding that such debts amount to about KD1.5 million ($4.9 billion).

Al-Bahar explained that such debts will be collected during the third and fourth quarters of this year, which will result in recording an approximate profit that amounts to 750 thousand Kuwaiti Dinars. With a profitability rate of 2.4 fils per share during the remaining period of 2015, and this is upon the completion of the debts collection entirely.

Tareq Mishari Al-Bahar pointed out that this agreement will lead to a substantial reduction of the non-performing debt ratio for the commercial financing portfolio of the company. This in return will reflect positively on the financial indicators of the company during the upcoming period, he said.

Meanwhile, the company announced its financial results for the first half results of 2015, where the company attained a profit of KD 543,710 ($1.79 million).

Al-Bahar, who is also a board member of KFIC, said that the quarterly results demonstrate that KFIC enjoys a strong and significant financial position.

He also noted that this step will give the company an opportunity for growth in its business; which is concentrated in multiple geographical sectors.

“This in return reflects the approach that we are pursuing. In which it relies on the diversification of the company's investment portfolio, in an effort to minimize risk and to generate steady cash flows,” he said.

“KFIC is moving in the right direction, and we anticipate continuity in positive performance during the upcoming period.

“We are working relentlessly to achieve the company's goals in accordance to the 2015/2020 strategy which revolves around a focus on key sectors such as consumer finance, asset management, and brokerage with intent to create an added value for the company's shareholders,” Al-Bahar concluded. – TradeArabia News Service