Mubasher: Noor Financial Investment Company (Noor) reported a 2.5% year-on-year growth in profits during the first quarter of 2019.

Noor’s profits reached KWD 2.84 million ($9.4 million) in Q1-19, up from KWD 2.77 million ($9.1 million) during Q1-18, according to a statement to Boursa Kuwait on Monday.

The firm attributed the increase in Q1-19 profits to generating earnings via a partial divestment of associates at a value of KWD 1.59 million, combined with a decline in financing costs after settling two loans.

In 2018, Noor’s profits skyrocketed 775% to KWD 24.83 million, compared to KWD 2.84 million a year ago.