Mubasher: Inovest Group achieved a surge of 156.3% in profits during the first quarter of 2017 as compared to the same period in 2016.

The company, which is listed on both Boursa Kuwait and the Bahrain Bourse (BHB), reported a profit of $8.2 million in Q1-17 from $3.2 million in Q1-16, according to a recent statement.

Inovest is searching for new investment opportunities to endorse its portfolio, chairman of Inovest Khaled Al Sanaousi said.

The company has collected $7.2 million in outstanding receivables, generating provisions worth $6.1 million, CEO of the group Murad Al Ramadan said.