Mubasher: Kuwait Portland Cement reported a growth of 2% in profits during the first quarter of 2017, compared to the same period of 2016.

The company’s earnings increased to KWD 3.61 million ($11.85 million) in Q1-17 from KWD 3.54 million ($11.62 million) in Q1-16, according to a bourse statement issued on Thursday.

Portland Cement clarified that the rise in Q1 profits is attributed to higher investment revenues, lower prices of raw materials, and a decrease in administrative and general expenses.

At the stock level, Portland Cement closed Thursday’s session at 970 fils.