Mubasher: Gulf Investment House (GIH) reported a 223.20% year-on-year rise in profits during the first quarter of 2019.

GIH posted a profit of KWD 577,010 ($1.90 million) in Q1-19, compared to KWD 178,530 ($588,490) in Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The company attributed the sizeable growth in Q1-19 profit to acquiring a subsidiary.

 After acquiring a 16.7% stake of Future Kid Entertainment and Real Estate Company’s capital, the company generated a profit of KWD 478,190 realised in the financial statements of Q1-19, GIH  said in a separate statement.

In 2018, GIH’s profits amounted to KWD 13.07 million, against KWD 712,170 in losses a year earlier.