Mubasher: Kuwait Projects Holding’s (KIPCO) reported a 15% growth in profits during the first quarter of 2019, compared to the year-ago period.

KIPCO’s profits amounted to KWD 6.5 million ($21.4 million) during Q1-19, up from KWD 5.6 million ($18.5 million) in Q1-18, according to a filing to Boursa Kuwait on Wednesday.

The firm attributed the increase in Q1-19 profits to a growth in revenues.

The total value of consolidated assets fell to KWD 10.1 million in Q1-19, against KWD 10.4 million in the same period a year before.

In 2018, KIPCO’s profits grew 20%, logging KWD 28.28 million, compared to KWD 23.57 million a year ago.