Kuwait – Mubasher: Arkan Al Kuwait Real Estate on Tuesday reported a 20% year-on-year increase in profits for the first quarter which ended on 31 January 2017.
Profits amounted to KWD 903,460 ($2.9 million), up from KWD 752,950 ($2.4 million) in the same period in 2016, according to a filing to Boursa Kuwait.
Operating revenues grew 17% on the year to KWD 1.27 million from KWD 1.08 million in the year-ago period.
Arkan attributed its profit growth to high profits from selling investment real estate.
The company previously reported turning to losses in the fourth quarter which ended on 31 October 2016, compared to the same period in 2015.
The real estate company’s ordinary general meeting (OGM) in January approved the board’s proposal to distribute a cash dividend, representing 8% of capital, for the fiscal year which ended on 31 October 2016.
The company paid 8 fils per share, with overall dividends totalling KWD 1.98 million.
Arkan’s stock ended Tuesday’s trades unchanged at 85 fils, after 406,400 shares were traded at a turnover of KWD 34,550.
