Kuwait – Mubasher: Ajial Real Estate Entertainment Company on Monday announced a 48.7% increase in profits for the first quarter of 2017, compared to Q1-16.
Profits stood at KWD 1.09 million ($3.57 million) in Q1-17, compared to KWD 733,260 ($2.4 million) in Q1-16, according to a filing to Boursa Kuwait.
Ajial attributed the growth in profits to an increase in its stake in a sister company, as the latter’s profits reached KWD 1.02 million.
Net operating profits rose 38.3% to reach KWD 1.21 million in Q1-17, compared to KWD 875,140 in the corresponding quarter in the year earlier.
The Kuwait-listed company had previously reported a 97.33% surge in profits to KWD 1.5 million in 2016, compared to KWD 760,300 in 2015.
The stock rose 5% to 168 fils with a turnover of 672 fils, after 4 shares were traded through one transaction.
