Mubasher: Heavy Engineering Industries & Shipbuilding Co. (HEISCO) reported a 41% year-on-year rise in profits during the first quarter of 2019.

HEISCO’s profits amounted to KWD 2.65 million in Q1-19, up from KWD 1.88 million ($6.2 million) during Q1-18, according to a statement to Boursa Kuwait on Monday.

The firm ascribed the growth in Q1-19 profits to a decrease in expected credit losses from assets.

On Thursday, HEISCO’s shareholders approved the board’s proposal for raising capital to KWD 22 million from KWD 18.024 million.

In 2018, HEISCO’s profits surged 59% to KWD 9.64 million from KWD 6.07 million a year ago.