Al Kout Industrial Projects on Tuesday posted a 20.7% year-on-year decline in profits for the second quarter of 2018.
Net profit amounted to KWD 1.57 million ($5.18 million) in Q2-18, versus KWD 1.98 million ($6.54 million) in the prior-year period, according to a filing to Boursa Kuwait.
In the first half of 2018, the company logged KWD 3.67 million in profits, down 1.9% from KWD 3.74 million in the same period last year.
The company attributed the decrease in H1-18 profits to the hike in cost of sales.
Al Kout previously reported a 19.3% rise in profits for Q1-18, recording a net profit of KWD 2.1 million, versus KWD 1.76 million in Q1-17