Kuwait – Mubasher: Tamdeen Real Estate, listed in the Kuwaiti bourse, notched up profits by 7.5% in the first quarter of 2017, compared to the same period in 2016.

Tamdeen’s Q1 profits amounted to KWD 6.02 million ($19.72 million), a rise from KWD 5.6 million ($18.35 million) in Q1 2016, according to a bourse statement on Monday.

The Kuwaiti company attributed the higher profit to the increase in the share of profits from associate companies, in addition to the rise in net operating profit, which went up by 12.5% to KWD 1.89 million, from KWD 1.68 million in Q1-16.

Tamdeen had previously said its annual profits declined by 25.3% to KWD 7.37 million in 2016, versus KWD 9.86 million in 2015.