KUWAIT, (Reuters) - Kuwait's International Investment Group (IIG) said on Tuesday, May 22, its first-quarter net profit soared to 734,504 dinars ($2.386 million) from just 78,788 dinars in the same period last year.
"The conservative strategy which the group has adopted during the last period brought positive results this year," IIG Managing Director Sami al-Badr said in a statement sent to Reuters. The statement gave no further figures.
The company, which is also listed on the Bahrain Stock Exchange, is engaged in investment and related financial services. It operates according to Islamic banking principles which ban financial transactions involving interest payments.
The company's shares closed on Tuesday up five fils to close at a new year high of 93 fils, compared with a year low in March of 50 fils. There are 1,000 fils to the dinar. ($1 = 0.3078 dinar)
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