Mubasher: Integrated Holding on Monday reported a rise in net profits for the third quarter of 2018 and the first nine months of the year, citing higher operating revenues among other reasons for the increase.

The holding company achieved KWD 4.09 million ($13.48 million) in Q3-18, up 61% year-on-year from KWD 2.54 million ($8.27 million), it said in a filing to Boursa Kuwait.

As for the nine-month period ended 30 September 2018, Integrated Holding logged KWD 14.05 million, up 56.1% from KWD 9 million in the corresponding period of 2017, the statement showed.

Integrated Holding ascribed the profit growth to higher equipment operation rates, a rise in operating revenues, and profits from the sale of equipment as part of renewing its machines and equipment.

The Kuwaiti holding firm previously posted a 59.7% profit growth to KWD 5 million ($16.5 million) in Q2-18 from KWD 3.13 million ($10.3 million) in Q2-17. Six-month results showed a 54.6% profit surge to 9.97 million from KWD 6.45 million in the same period in 2017.