Mubasher: National Industries Company reported a 49.7% year-on-year profit drop during the second quarter of 2019.

Net profits reached KWD 850,000 ($2.8 million) in Q2-19, compared to KWD 1.69 million ($5.59 million) in Q2-18, according to the company’s filing to Boursa Kuwait.

The company attributed the drop in profits to the fall in sales and the increase in cost.

For the first half of 2019, net profits of the Kuwaiti-based company plunged by 12.1% to KWD 2.62 million, from KWD 2.98 million in H1-18.