By: Mohamed Farouk
Kuwait – Mubasher: Total profits of 160 Kuwait-listed companies fell 9.9% in the second quarter of 2016, till the end of trading on Monday, 22 August.
The companies’ profits reached KWD 419.92 million ($1.39 billion) in Q2-16 compared to KWD 465.89 million ($1.55 billion) in Q2-15, according to statistics by Mubasher.
On the first half level, the 160 companies recorded KWD 885.8 million ($2.94 billion) profits in H1-16 from KWD 947.15 million ($3.14 billion) in H1-15, losing 6.5%.
The National Bank of Kuwait (NBK) reported a profit increase of 7.2% in Q2-16 to KWD 71.68 million, while its total profits in H1-16 were down 7.8% to KWD 150.62 million.
National Industries achieved KWD 4.74 million losses in Q2-16 and KWD 4.36 million in H1-16.
The total net profits of the listed banks grew to KWD 219 million in Q2-16, representing 52% of total sectors’ profits, followed by the telecommunications sector which reported KWD 64.26 million, representing 15.3% of the total profits.
The oil and gas sector was the only loser between sectors recording KWD 203,000 losses in Q2-16, on the back of the losses of its companies.
Energy House Holding turned to losses of KWD 2.44 million. Gulf Petroleum Investment’s (Petrogulf) losses shrank 43% to KWD 1.3 million. Senergy Holding losses deepened to KWD 200,760 and Ikarus Petroleum Industries suffered losses of about KWD 188,570.
Translated by: Sara Ghali
