Kuwait - Mubasher: Al Enmaa Real Estate on Wednesday revealed a 25.5% increase in profits in the first quarter which ended on 31 January 2017, compared to the corresponding period in 2016.
Profits for the first quarter of 2017 amounted to KWD 175,830 ($574,060) compared to KWD 140,130 ($457,510) in the same period of 2016, according to results published on Boursa Kuwait.
The company attributed the rise in profits to growth in total operating profit, lower financing expenses, and increase in investment revenues.
The company previously reported turning to losses during the fiscal year which ended on 31 October 2016 with KWD 8.9 million against a profit of KWD 4.4 million in the fiscal year which ended on 31 October 2015.
Al Enmaa Real Estate’s share increased 2.35% to 43.5 fils by 10:30am Kuwait local time, achieving a liquidity of KWD 42,300 after 976,300 shares were traded.
