Mubasher: Nafais Holding recorded a leap of 1,102% in profits during the second quarter of 2017 compared to the same period a year ago.

Earnings leaped to KWD 3.63 million ($12 million) in Q2-17 from KWD 302,000 ($998,220) in Q2-16, according to a bourse statement issued on Wednesday.

During the first half of 2017, profits surged by 93.8% to KWD 7.95 million from KWD 4.1 million in H1-16.

The growth in profits is attributed to lower operating, general, and administrative expenses, the statement noted.

In the first quarter this year, Nafais reported a growth of 140.8% in profits to KWD 4.31 million from KWD 1.79 million in Q1-16.