Mubasher: Yiaco Medical Company turned to a net profit of KWD 229,605 ($734,670) over the fiscal year (FY) ended on 31 December 2019, against a loss of KWD 7.85 million ($25.12 million) in 2018.
The realised annual profits are attributed to lower provisions and higher other revenues resulting from bank settlement, according to a stock exchange statement on Monday.
During the period from September to December 2019, the medical company suffered KWD 1,665 worth of losses, significantly down by around 100% from KWD 6.48 million in the same period in 2018.
It is worthy to note that in the first nine months of 2019, profits amounted to KWD 231,270, against losses of KWD 1.37 million in the corresponding period in the previous year.
