Kuwait - Mubasher: Gulf Cement Co reported a growth of 103.5% in profits during the first quarter of 2017, compared to the same quarter of 2016.

Earnings increased to AED 8.12 million ($2.21 million) in Q1-17 from AED 3.99 million ($1.09 million) in Q1-16, according to a bourse statement issued on Monday.

Gulf Cement, which is listed on both Boursa Kuwait and the Abu Dhabi Securities Exchange (ADX), clarified that the growth in Q1 profits resulted from better investment results and operating stability.