Kuwait – Mubasher: Aayan Real Estate on Tuesday announced a 164.7% boost in its profits for the first quarter of 2017, compared to the first quarter in 2016.

Profits reached KWD 536,890 ($1.76 million) in Q1-17, compared to KWD 202,850 ($ 664,730) in Q1-16, according to a filing to Boursa Kuwait.

The company attributed the growth in profits to the increase in real estate activity profits in Q1-17, compared to the corresponding period in the year before.

The Kuwaiti real estate company reported a slight growth of 1.5% in its profits reaching KWD 2.75 million in 2016, compared to KWD 2.71 million in 2015.