Mubasher: National Petroleum Services (Napesco) reported a decline of 26.8% in profits during the second quarter of 2017 compared to the same period a year ago.
Earnings decreased to KWD 1.73 million ($5.71 million) in Q2-17 from KWD 2.36 million ($7.79 million) in Q2-16, according to a bourse filing issued on Wednesday.
During the first half of 2017, profits grew by 6.9% to KWD 4.04 million from KWD 3.78 million in the same half a year ago.
The company clarified that the increase in H1 profits is attributed to higher sales from recently signed contracts.
It is noteworthy that Napesco reported a growth of 62.7% in profits to KWD 2.31 million during the first quarter this year from KWD 1.42 million in Q1-16.
