Kuwait – Mubasher: Oula Fuel Marketing posted a rise of 26.33% in profits during the first quarter of 2017.

Earnings increased to about KWD 1.45 million ($4.75 million) in Q1-17 from KWD 1.15 million ($3.77 million) in Q1-16, according to a bourse filing on Monday.

The growth in net profits was due to higher real estate rental income, according to a bourse filing on Monday.

Total operating revenues levelled up 38.6% to KWD 36.55 million in Q1-17 compared to KWD 26.36 million in Q1-16.

During fiscal year 2016, profits shrank by 13.2% to stand at KWD 3.48 million from KWD 4.01 million in FY15.