Mubasher: Tamdeen Real Estate Company reported a 20.3% year-on-year hike in profits during the first quarter of 2019.

Tamdeen’s profits reached KWD 5.02 million ($16.55 million) in Q1-19, up from KWD 4.18 million ($13.78 million) during Q1-18, according to a filing to Boursa Kuwait on Wednesday.

The firm attributed the increase in Q1-19 profits to growth in operating revenues, along with a rise in investment net revenues.

Tamdeen logged a 167.7% surge in operating revenues to KWD 4.75 million from January to March, against KWD 1.72 million in Q1-18.

In 2018, the Boursa Kuwait-listed firm’s profits plunged 35.4% to KWD 5.43 million, compared to KWD 8.4 million a year ago.