Mubasher: Hilal Cement Company reported an 877% year-on-year surge in profits during the first quarter of 2019.

Profits soared to KWD 872,940 ($2.88 million) in Q1-19 from KWD 89,320 ($294,430) during Q1-18, according to a statement to Boursa Kuwait on Wednesday.

The Kuwait-based cement producer ascribed the big increase in Q1-19 profits to a decline in sales cost, combined with a growth in other revenue.

In 2018, the firm’s losses shrank 92.6% to KWD 68,750, compared to KWD 924,750 a year ago.

In May, Hilal’s shareholders approved the board’s proposal to distribute KWD 1.52 million as cash dividends for the full fiscal year 2018.