Mubasher: Kuwait Real Estate Holding (Al Aqaria) reported a 39% year-on-year profit growth in the first quarter of 2019.

Al Aqaria’s profits amounted to KWD 92,550 ($305,080) in Q1-19, up from KWD 66,550 ($219,370) in Q1-18, according to a filing to Boursa Kuwait on Wednesday.

The firm attributed the increase in Q1-19 profits to a rise in received earnings. 

The company’s operating revenues went up 13% to KWD 522,280 by the end of Q1-19 from KWD 462,160 in the corresponding period a year earlier.

In 2018, the Kuwaiti real estate developer’s profits rose 3.4% to KWD 104,680, compared to KWD 101,200 a year ago.