Mubasher: Kuwait-based Injazzat Real Estate Development reported a 12.8% year-on-year rise in profits during the first quarter of 2019.
The company’s profits amounted to KWD 1.23 million ($4.05 million) in Q1-19, up from KWD 1.09 million ($3.6 million) during Q1-18, according to a statement to Boursa Kuwait.
The firm attributed the rise in Q1-19 profits to earnings generated from selling assets listed in the fair value.
From January to December 2018, Injazzat’s profits levelled up 13.5% to KWD 4 million, from KWD 3.53 million a year ago.
In March, the real estate developer’s ordinary general meeting (OGM) approved the board’s proposal for distributing cash dividends worth KWD 2.36 million for the full fiscal year 2018.
The Kuwaiti real estate firm last month exited from one of its investments in the US at a value of KWD 2.2 million ($7.25 million).
