Mubasher: Kuwait Foundry Co. reported an 84.2% year-on-year profit decline during the second quarter of 2019, recording KWD 79,250 ($261,330).

The company’s profit went down by 39% to KWD 588,150 in the first six months of 2019, compared to KWD 964,870 in the year-ago period, according to a bourse statement released on Thursday.

Kuwait Foundry attributed the profit decline to the increase in Zakat expenses and the decline in the value of sales.

The Boursa Kuwait-listed firm posted a 10% year-on-year rise in profits during the first quarter of 2019, registering KWD 508,900.