Mubasher: Kuwait Business Town Real Estate reported a 113.1% year-on-year surge in profits in the first quarter of 2019.

The company’s profits reached KWD 661,700 in Q1-19, compared to KWD 310,400 in Q1-18, according to a filing to Boursa Kuwait.

The firm attributed the increase in Q1-19 profits to selling investment properties at a value of KWD 332,000, combined with a 7.5% rise in leasing revenues and a 121% growth in net profit from assets measured at fair value (FV).

In 2018, Kuwait Business’ profits went down 21.5% to KWD 2.48 million, compared to KWD 3.16 million a year earlier.