Mubasher: Kuwait Real Estate achieved an increase of 10.8% in profits during the second quarters of 2019 when compared to the corresponding period last year.

The company’s profits stood at KWD 1.85 million ($6.1 million) in Q2-19, compared to KWD 1.67 million ($5.5 million) in Q2-18, according to a bourse disclosure on Thursday.

During the first half of 2019, Kuwait Real Estate recorded a year-on-year surge of 40% in profits to KWD 5.43 million from KWD 3.88 million.

The Boursa Kuwait-listed company clarified that the increase in profits is attributed to higher operating activity as well as income from acquiring a subsidiary.

It is worth noting that during the first quarter of 2019, Kuwait Real Estate registered a 62% year-on-year growth in profits to KWD 3.58 million from KWD 2.21 million.