Mubasher: National Industries Group Holding reported a 45.7% year-on-year profit hike in the first quarter of 2019.

The group’s profits reached KWD 26.992 million ($89 million) in Q1-19, compared to KWD 18.516 million ($61 million) in Q1-18, according to a statement to Boursa Kuwait on Thursday.

The rise in Q1-19 profits was attributed to an increase in investments, and posting earnings after a partial divestment of an associate.

In 2018, National Industries’ profits levelled down 17.9% to KWD 19.84 million, against KWD 24.16 million a year ago.

In May, the group’s shareholders agreed the board’s proposal to distribute KWD 16.32 million at 12 per share as cash dividends for 2018.

It is noteworthy that National Industries Group Holding is listed on Boursa Kuwait and the Dubai Financial Market (DFM).