Kuwait-based National Industries Company (NIC), a specialist in manufacturing and marketing of building materials, said it has sold some of its foreign investments funds for KD47 million ($160 million).

The Kuwaiti firm netted a profit of KD15.5 million ($53 million) from the sale.

NIC owns and operates 16 production plants, 2 quarries, with 1,800 employees, according to its website. The revenues will be registered in the budget of the group as of December 31.

The company has kept pace with the construction and building movement in Kuwait by expanding the industrial base within the concept of supporting product diversification strategy to ensure the maintenance of income and shareholders' equity.-Reuters