Kuwait – Mubasher: First Dubai for Real Estate Development recorded a surge of 92% in the second quarter of 2016 as compared to the same period in 2015.

Earnings grew to KWD 1.21 million ($4 million) in Q2-16 from about KWD 630,340 ($2.08 million) in Q2-15, according to a bourse statement.

During the first half of 2016, First Dubai reported a growth of 60.7% in profits to KWD 1.53 million versus nearly KWD 952,380 in H1-15.

The increase in profits was due to growth in operating profits from leasing by nearly KWD 262,880 as well as a rise in the group’s share from financials of associate by around KWD 170,720 which resulted from the acquisition by 20% of Mazaya Real Estate Development.

The statement added that the growth in profits resulted from increase in revenues by about KWD 314,670.