Kuwait Real Estate profits surge 33% in Q1

Kuwait Real Estate Company announced a 33.1 percent increase in first-quarter profits compared to the same period in the prior year.

Earnings enlarged to KWD 2.21 million ($7.34 million) during the first quarter of 2018 up from KWD 1.66 million ($5.51 million) during the same period in 2017, according to a bourse filing on Wednesday.

The rise in the first-quarter profits is attributed to repaying provisions of lawsuits, despite the increase in the company’s financing costs.

Source: Mubasher