Kuwait – Mubasher: First Dubai Real Estate Development on Wednesday announced an increase of 53.5% in its profits for the first quarter of 2017, compared to Q1-16.
Profits amounted to KWD 499,760 ($1.64 million) in Q1-17, compared to KWD 325,580 ($1.07 million) in Q1-16, according to a filing to Boursa Kuwait.
The company attributed the growth in profits to gaining KWD 168,400 from its stake in a sister company in Q1-17.
Net operating profits reached KWD 763,100 in Q1-17, compared to KWD 723,800 in the same quarter in the year earlier, showing an increase of 5.4%.
The Kuwaiti real estate company had previously reported a 24.1% decrease in its profits reaching KWD 1.54 million in 2016, compared to KWD 2.03 million in 2015.
By 10:16 am Kuwait time, the stock rose 1.75% to 58 fils on Wednesday.
