Kuwait – Mubasher: Injazzat Real Estate Development recorded a surge of 134.4% in profits during the second quarter of 2016 as compared to the same period in 2015.
Net earnings reached about KWD 753,000 ($2.48 million) in Q2-16 versus nearly KWD 321,240 ($1.06 million) in Q2-15, the company said in a bourse statement.
During the first half of 2016, profits declined by 15.1% to KWD 2.13 million as compared to KWD 2.51 million in the same period of 2015.
Injazzat said that the growth in Q2 profits resulted from an increase in leasing and operating revenues, while the decline in H1 profits was due to the sale of an asset in 2015, the statement clarified.
The company’s stock started Monday’s session falling 6.76% to 69 fils, heading the losers, after 20,000 shares were traded at a value of about KWD 1,400.
