Kuwait – Mubasher: Injazzat Real Estate Development on Wednesday reported a growth of 71.5% in its profits for the first quarter of 2017, compared to the same period of 2016.

Profits amounted to KWD 2.35 million ($7.7 million) in Q1-17, up from KWD 1.37 million ($4.5 million) in Q1-16, according to a filing to Boursa Kuwait.

The profits increased on the back of the sale of one of the company's assets at a profit of KWD 1.97 million, the statement showed.

The real estate company had previously reported a 2.9% increase in its profits reaching KWD 3.2 million in 2016, compared to KWD 3.1 million in 2015.