Mubasher: The International Financial Advisors (IFA) announced that the profit, disclosed on 29 July, has resulted from reversal of provision standing at approximately KWD 1.76 million ($5.8 million) out of total provisions.

The financial impact will be reflected in the income statements for the third quarter of 2019, according to a bourse disclosure on Wednesday.

It is worth noting that during the first quarter of 2019, IFA incurred a 557% year-on-year increase in losses KWD 4.66 million.

IFA is a dual-listed company on Boursa Kuwait and the Dubai Financial Market (DFM).