Kuwait-based Coast Investment Co. announced it has successfully concluded an agreement to settle almost all of its debts owed to banks.

The company owed to banks a total amount of around KWD 59.91 million, said a bourse filling.

Such settlement is likely to generate profits of around KWD 18.69 million, which will be reflected in financial statements of Q4 - FY14.

Noteworthy, the company incurred KWD 875.660 loss for the fiscal year ending December 31 , 2013.The loss reflected a 87% decline compared with KWD 6.75 million loss in the same period a year earlier.