Kuwait Cement FY17 profit falls 12%

Kuwait Cement saw a YoY increase of 15.4 per cent in profits to KWD4.94m (US$16.5m) in 4Q17 from KWD4.28m in 4Q16, according to a stock exchange statement.

However, in FY17, Kuwait Cement reported a drop of 11.8 per cent in profits to KWD17.19m, compared to KWD19.49m in FY16.

The fall is attributed to higher financing costs (KWD480,450) as well as a decline in consolidated profit (KWD3.55m).