By: Mohamed Farouk

Mubasher: The financial statements of Al Enmaa Real Estate Company indicated a 94.6% year-on-year increase in profits for the nine-month period ended 31 July 2019.

Year-on-year, the profits of the period soared to KWD 1.87 million ($6.17 million) from about KWD 961,180 ($3.17 million) during the corresponding period in 2018, the company disclosed to Boursa Kuwait on Thursday.

The profit hike is ascribed to higher income from operating activities in addition to other revenues.

Meanwhile, operating revenues tumbled to KWD 12.25 million from in the nine months of 2019 KWD 15.46 million, a 20.8% year-on-year decline.

Operating profits soared by 38.9% to KWD 2.18 million in the nine-month period ended in July this year from KWD 1.57 million last year.

It is worthwhile to mention that during the six-month period ended 30 April 2019, the company’s profits leaped by 147.7% to KWD 1.38 million from about KWD 558,820.