KUWAIT: First Takaful Insurance has received KWD693,676 (US$2.26 million) from a related party as the second instalment for the sale of a real estate investment in the UAE. The company reported a net profit of KWD26,272 (US$85,717) from the transaction, reflecting a gain of KWD35,280 (US$114,904) from reduced discounting of cash flows and a foreign exchange loss of KWD9,008 (US$29,350). The payment led to a decrease in related party receivables and an increase in bank balances by the same amount. First Takaful is a subsidiary of International Financial Advisors Holding Company, which holds a 53.44% stake.
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