Kuwait – Mubasher: First Investment on Sunday reported a 533.6% jump in its profits for the first quarter of 2017, compared to the year-ago-period.

Profits reached KWD 284,980 ($930,400) in Q1-17, compared to KWD 44,980 ($146,900) in Q1-16, according to a filing to Boursa Kuwait.

The company attributed the growth to a rise in profits from sister companies and management fees, in addition to growth in rental income.

First Investment turned to profitability in terms of operating profits, achieving KWD 198,730 by the end of Q1-17, against operating losses of KWD 67,420 in the corresponding period in the year before.

The Kuwaiti company had previously reported a 50.3% slide in its profits to KWD 700,460 in 2016, compared to KWD 1.41 million in 2015.

By 10:43 am Kuwait time, First Investment’s stock reached 47 fils, after gaining 2.17%.