Mubasher: Heavy Engineering Industries and Shipping Company (HEISCO) on Monday posted a 79.6% year-on-year surge in profits for the third quarter of 2018.

Net profits amounted to KWD 2.3 million ($7.6 million) in Q3-18, compared to KWD 1.3 million ($4.3 million) in Q3-17, according to the company’s statement to Boursa Kuwait.

For the first nine months of 2018, profits jumped 57.8% to KWD 7.1 million, versus KWD 4.5 million in the same period of the prior year.

The increase in profits was attributed to the rise in operating revenues to KWD 137.2 million for the nine-month period ended September.

It is worth noting that HEISCO achieved a profit of KWD 4.78 million in the first half of 2018.

By the end of Monday’s session, HEISCO’s stock rose 0.21% at 485 fils.