Mubasher: Mabanee Co. has announced a 13.1% year-on-year rise in profits during the first quarter of 2019.

Profits amounted to KWD 13.76 million ($45.3 million) in Q1-19, up from KWD 12.17 million ($40.1 million) during Q1-18, according to a bourse statement on Sunday.

In March, Mabanee’s ordinary general meeting (OGM) approved the board’s recommendation to distribute KWD 11.53 million cash dividends for the full fiscal year 2018.

During 2018, Mabanee logged a growth of 6.9% in profits to KWD 52.5 million, from KWD 49.2 million in FY17.