Mubasher: Injazzat Real Estate Development has announced that a 99.75% subsidiary sold an office building at a value of KWD 12.5 million ($41.7 million).

Profits generated through the transaction are estimated at KWD 580,000 ($1.93 million), according to Injazzat Real Estate’s statement on Wednesday to Boursa Kuwait.

The firm expected that profits from the deal will impact its financial results and performance in the second quarter of 2018.

The Kuwaiti real estate developer last reported that its profits rose 12% to reach KWD 3.54 million for the full year of 2017, compared to KWD 3.16 million in 2016.