By: Mohamed Farouk
Mubasher: Integrated Holding Co. is expected to post a 41% year-on-year profit decline during the first half of fiscal year of 2019, capital market analyst Mohamad Manea Al Ajami told Mubasher.
The Kuwait-based firm is projected to log a profit of KWD 5.9 million in H1 of 2019, compared to KWD 10 million in the year-ago period, Al Ajami noted.
Al Ajami attributed the potential H1 profit drop to lower revenues as some contracts have ended and high competitiveness in the sector.
During the first quarter of 2019, the company’s profits plunged by 39.6% to KWD 3 million from KWD 4.97 million in the corresponding period a year earlier.
The decrease in Q1 profits was ascribed to a delay in commencing new projects in Qatar and Duqm Area in Oman.
Translated by: Zeinab Adel
