Kuwait – Mubasher: Arkan Al Kuwait Real Estate has reported an 84% year-on-year decline in net profit during the three-month period ended 31 July, recording KWD 253,470 ($838,520).

The developer’s net profit went down to KWD 2.52 million in the first nine months of the fiscal year, up 14% from the year-ago period.

The decline in profits stemmed from a decrease in profits generated from the sale of investment properties, the Kuwait-listed company said.

Arkan Al Kuwait Real Estate achieved a 73.9% profit hike during the six months that ended on 30 April 2018.

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