Kuwaiti real estate developer Al Mazaya Holding said on Monday it would add SR23.1 million ($6.16 million) of profit from the sale of a property in Saudi Arabia to its first quarter profits.

The property was sold for SR104.6 million, the company said in a statement on the Dubai bourse website.

No further details on the sale were given.

Executives at the company were not immediately available for comment.

Mazaya, which is also listed in Dubai, has 18 subsidiaries. Its Qatari arm, Mazaya Qatar closed its initial public offering (IPO) at the end of January. It plans to list on Qatar's stock exchange within a month and had hoped to raise 500 million riyals ($137.4 million).

Mazaya Qatar's chief executive Seraj Al Baker told Reuters on Monday the IPO figures had not yet been finalised.

Shares of Al Mazaya Holding closed 1.3 per cent higher at 0.154 dinars a share, outperforming the country's index which climbed 0.7 per cent.-Reuters