Mubasher: The profits of Arkan Al Kuwait Real Estate Company hiked by 32% year-on-year during the third quarter ended on 31 July 2019, Boursa Kuwait disclosed on Tuesday.

Year-on-year, the profits of the period rose to around KWD 335,680 ($1.11 million) during Q3-19 from about KWD 253,470 ($836,290).

During the nine-month period ended 31 July 2019, Arkan Al Kuwait’s profits registered nearly KWD 937,320 which was 63% lower than KWD 2.52 million during the corresponding period last year.

The company attributed the profit decrease to lower income from selling investment properties.

As for operating revenues during the nine-month period this year, Arkan Al Kuwait achieved KWD 2.45 million when compared to KWD 4.15 million during the same period in 2018, a 41% year-on-year decline.

It is worthwhile to mention that during the six-month period ended 30 April 2019, Arkan Al Kuwait’s profits dropped by 73.4% to about KWD 601,640 from KWD 2.26 million during H1-18.