Kuwaiti Buildings Company's Profits Rise by 9% in Q1

The Kuwaiti Buildings Company announced on Tuesday a net profit increase of 9.3%, reaching 15.86 million Dinars (equivalent to 51.76 million USD) in the first quarter of this year, compared to 14.52 million Dinars a year earlier. The company noted in a statement to the stock exchange that this increase is due to a higher occupancy rate during the current period compared to the same period last year. The profits of the "Kuwaiti Buildings Company" rose by 9% to 15.86 million Dinars (12.05 fils per share) at the end of Q1 2023, compared to a profit of 14.52 million Dinars during the same period in 2022. The rise in profits during the current period is attributed to increased revenues and reduced general and administrative expenses.