Mubasher: Kuwait-based United Real Estate (URC) reported a 2.15% year-on-year profit rise during the first quarter of 2019.

URC’s profits reached KWD 780,940 ($2.57 million) in Q1-19, compared to KWD 764,510 ($2.52 million) during Q1-18, according to a filing to Boursa Kuwait on Wednesday.

The company ascribed the slight rise in first-quarter profits to an increase in total profits and other revenues levelled up, combined with lower provisions.

URC’s operating revenues jumped 19.10% to KWD 24.68 million by the end of Q1-19, against KWD 20.72 million in the same period a year earlier.

In 2018, the firm turned to losses after incurring KWD 9 million, versus a profit of KWD 2.22 million a year earlier.