Kuwait’s Alargan International Real Estate Company has announced a net profit of KD4.4m ($16m) for the first half of 2011.

Revenue for the second quarter reached KD7.3m, resulting from its projects in Saudi Arabia, delivery of its residential units and a strong performance from the company’s hotels and resorts.

“Alargan is now embarking on a new phase of growth … our focus is on identifying and strengthening our operations by taking into account the current social, economic and political changes across all of our key markets,” says Khaled al-Mashaan, chairman and managing director at Alargan.

The developer of affordable housing projects has operations in Bahrain, Oman and Saudi Arabia.