Mubasher: Kuwait Portland Cement Company announced a 4.7% year-on-year rise in profits during the first quarter of 2019.

Kuwait Portland’s profits amounted to KWD 4.05 million ($13.36 million) in Q1-19, up from KWD 3.87 million ($12.77 million) during Q1-18, according to a filing to Boursa Kuwait on Sunday.

The cement producer ascribed the growth in Q1-19 profits to a decrease in general and administrative expenses, combined with higher net profits of investments.

In 2018, Portland Cement’s profits grew 12% to KWD 10.3 million, compared to KWD 9.19 million a year earlier.