Kuwait Cement earnings surpass US$10m in 3Q17

Kuwait Portland Cement achieved a jump of 471.61 per cent in profits during the 3Q17 compared to the same period last year.

The company's earnings soared to KWD3.13m (US$10.37m) in 3Q17 compared to nearly KWD547,320 (US$1.81m) in 3Q16, according to a bourse statement issued on Wednesday.

During the first nine months, Portland Cement posted KWD8.19m profits which were 30 per cent higher than KWD6.29m in the same period in 2016. The increase in profits is attributed to higher stock prices at Boursa Kuwait, besides lower prices of raw materials.

It is worth noting that Portland Cement registered a decline of 11.8 per cent in profits to KWD5.07m during the 1H17 from KWD5.75m in 1H16.