Arkan Al-Kuwait Real Estate has issued its financial statements, recording a growth of 315.3% in its earnings during the first quarter which ended on 31 January, 2015.

Arkan posted a net profit of KWD 3.5 million (about $11.8 million) in Q1-2015, compared to KWD 842.7 thousand (about $2.8 million) in Q1-2014.

The real estate firm noted that such jump in earnings is backed by the increase in the profit of buying investment properties.

“Arkan has exited from some of its investments in Saudi Arabia and Kuwait during the past period, to seize new opportunities,” said Arkan CEO Bader Al-Omairi, in an exclusive comment to Mubasher.

“Arkan plans to expand as long as the Gulf Cooperation Council (GCC) acquires only 10% of the expansion plan,” added the CEO.