Mubasher: Burgan Company for Well Drilling, Trading, and Maintenance posted a decline of 16.9% in profits during the fiscal year ended 31 March 2019 compared to the same period a year ago.

Annual profits decreased to KWD 2.26 million ($7.47 million) this year from KWD 2.72 million ($8.99 million) in the previous fiscal ended 31 March 2018, according to a bourse disclosure on Sunday.

The decline in Burgan Drilling’s full-year financials is attributed to renewing a number of contracts with Kuwait Oil Company.