Mubasher: Kuwait Real Estate reported a 62% year-on-year increase in profits during the first quarter of 2019.

Profits amounted to KWD 3.58 million ($11.8 million) in Q1-19, up from KWD 2.21 million ($7.3 million) during Q1-18, according to a recent statement to Boursa Kuwait.

The company attributed the rise in Q1-19 profits to an increase in operating activities, along with generating earnings from acquiring a subsidiary.

In 2018, the Kuwaiti real estate firm’s profits soared 204.1% to KWD 6.75 million from KWD 2.22 million a year ago.