The board of directors of Shuaiba Industrial (Paper) approved an expansion plan for all the company's facilities in both Kuwait and UAE, at a total cost of nearly KWD 2.5 million, said a filing to the Kuwaiti bourse.

The expansion plan will be implemented within 2015 and 2016, Paper added on Tuesday.

This move is expected to boost the company's production capacity by around 30% and will be financed through Paper's cash flows and a credit facility.

The Kuwait-listed firm, which is a paper packaging manufacturer in the Middle East and MENA region, reported net profits of 444,920 in the first quarter of 2015, compared with KWD 239.51 million for the same period of 2014, a jump of 86%.