Doha – Mubasher: Islamic Holding Group’s net profits jumped 477.5% in the first quarter of 2017, compared to the same period in 2016.

Net profit reached QAR 1.31 million ($359,520) in Q1-17, compared to QAR 226,860 ($62,260) in Q1-16, according to a company statement to the Qatar stock Exchange (QSE).

Earnings per share (EPS) amounted to QAR 0.23 per share in the first three months of 2017, compared to QAR 0.04 per share in Q1-16, the company added.

Islamic Holding said that the reason for the growth in profits was an increase in the company’s trading volume and its subsidiary’s shares in the QSE, which led to an increase in revenues, adding that it aims to find new real estate investments in the coming period.

The company’s revenues increased 43.2% to reach QAR 3.38 million in Q1-17, compared to QAR 2.36 million in Q1-16.

Year-on year, net profits fell 32.7% to reach QAR 4.11 million in 2016, compared to QAR 6.11 million in 2015.