Mubasher: Al Imtiaz Investment Group on Wednesday announced that its 50.69%-owned subsidiary signed a two-year contract worth KWD 3.48 million ($11.5 million) with Kuwait National Petroleum Company (KNPC).
The contract will cover the urgent operations at KNPC’s Abdullah Port refinery, according to Al Imtiaz’s statement to Boursa Kuwait.
Al Imtiaz expects its subsidiary to achieve a profit margin ranging from 2% to 4% of the contract’s value, noting that this percentage might be modified later.
In mid-January, Al Imtiaz was awarded a tender related to this project but a deal was not signed.
During the first nine months of 2018, Al Imtiaz’s profits fell 49.4% to KWD 17 million, compared to KWD 33.75 million for the corresponding period of 2017.
Al Imtiaz’s stock went down 0.75% to close at 133 fils on Wednesday, after 773,500 shares were traded with a turnover of KWD 102,520
