The net profit of money exchange companies in Kuwait decreased by 35.78 percent annually during the first half of 2024, due to a decline in revenues and an increase in expenses.

Exchange companies operating in Kuwait recorded a net profit of 10.66 million dinars in the first six months of this year, compared to 16.60 million dinars in the first half of 2023.

According to the monthly statistics issued by the Central Bank of Kuwait, profits were affected by a decline in companies’ revenues by 11.63 percent to 39.14 million dinars in the first half of this year, compared to 44.29 million dinars in the corresponding period of 2023.

The exchange companies’ revenues were distributed as follows: 27.97 million dinars from currency sales, 2.24 million dinars in bank interest, and 8.93 million dinars in other revenues.

The results of these companies were also impacted by increased expenses and other burdens, which reached 28.47 million dinars in the first six months of this year, marking a 2.82 percent increase over the 27.69 million dinars recorded in the same period in 2023.

It is noteworthy that the number of exchange companies in Kuwait has remained stable at 32 companies since the end of September 2021.