Mubasher: Kuwait Real Estate Holding (Al-Aqaria) on Thursday reported a 13.5% year-on-year surge in profits for the fourth quarter of 2017 with a net profit of KWD 58,700 ($196,400), compared to KWD 51,740 ($173,100) for Q4-16.

Meanwhile, net profit grew by 31.2% to around KWD 101,200 during the full-year 2017 from KWD 77,140 a year earlier, the company said in a filing to Boursa Kuwait.

The real estate developer attributed the increase in profits to the growth in unrealised gains from investments at fair value (FV).

The board of director has recommended not to distribute dividends for the year ended 31 December 2017.

Al-Aqaria’s stock closed Thursday’s trading session up 9.05% at 26.5 fils, with a turnover of KWD 2,300 exchanged through 103,130 transactions.