Mubasher: The net profit of Burgan Company for Well Drilling, Trading, and Maintenance retreated by 55.9% on an annual basis over the first nine months ended 31 December 2019.

Earnings stood at KWD 937,313 (approx. $3.09 million) at the end of December of last year from KWD 2.13 million (approx. $7.61 million) in the same period in 2018, according to a bourse filing on Tuesday.  

Moreover, earnings per share (EPS) amounted to 4.07 fils in the March-December period in 2019, down from 9.18 fils a year earlier.

Over the third quarter (Q3), the profits soared by 29.8% annually to KWD 314,852 from KWD 242,527.

The low profits of the nine-month period are attributed to the expiry of some contracts with Kuwait Oil Company (KOC) on which the company is currently working on their renewal. 

It is worth highlighting that in the three-month period ended 30 September, the profit declined to KWD 149,870, compared to KWD 973,400 in the year-ago period.