Mubasher: Kuwait Portland Cement achieved a jump of 471.61% in profits during the third quarter of 2017 compared to the same period last year.
The company’s earnings soared to KWD 3.13 million ($10.37 million) in Q3-17 compared to nearly KWD 547,320 ($1.81 million) in Q3-16, according to a bourse statement issued on Wednesday.
During the first nine months, Portland Cement posted KWD 8.19 million profits which cam 30% higher than KWD 6.29 million 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 I s worth noting that Portland Cement registered a decline of 11.8% in profits to KWD 5.07 million during the first half of 2017 from KWD 5.75 million in H1-16.
