Mubasher: Ajial Real Estate Entertainment achieved a surge of 91% in profits during the third quarter of 2019 when compared to the same period last year.
Net profits totalled KWD 1.06 million ($3.5 million) in Q3-19, compared to KWD 555,000 ($1.83 million) in Q3-18, according to a bourse disclosure on Monday.
During the first nine months of 2019, Ajial Real Estate posted a decline of 2.9% in profits to KWD 2.95 million from KWD 3.03 million in the corresponding period a year earlier.
The real estate company attributed the decrease in net profits during the nine-month period to an extraordinary gain last year that resulted from the reversal of excess provision for legal claims.
It is worth noting that during the first half of 2019, the company registered KWD 1.88 million worth of profits that were 24.2% lower than KWD 2.48 million in the same six months a year earlier.
