Mubasher: Mubarrad Holding Company reported a 23.7% year-on-year decrease in profits in the first quarter of 2019.

The company’s profits reached KWD 151,680 ($500,350) in Q1-19, down from KWD 198,900 ($656,110) in Q1-18, according to a filing to Boursa Kuwait on Monday.

The logistics and transportation services provider attributed the decline in Q1-19 profits to a drop in profits generated from sales, in addition to incurring losses in affiliates.

In 2018, Mubarrad Holding’s profits slid 9.2% to KWD 1.67 million from KWD 1.84 million a year earlier.