Kuwait Cement sees decline in quarterly profit

Kuwait Cement reported a decline of 37.1 per cent in profits to KWD4.38m (US$14.48m) in the second quarter this year compared to KWD6.96m (US$23.01m) in the same quarter a year ago.

In the first half of 2017, the company posted a fall of 17.9 per cent in profits to KWD9.98m compared to KWD12.16m in 1H16, according to a bourse filing issued on Wednesday.

The decrease in profits is attributed to a higher finance cost to the consolidated income statements by KWD154,430, as well as a drop of KWD3.5m in gross profit.

In the first quarter of 2017, Kuwait Cement recorded a rise of 7.7 per cent in profits to KWD5.6m compared to KWD5.2m in 1Q16.