Mubasher: Kuwait-based Sultan Center Food reported a 28% year-on-year decrease in profit during the first quarter of 2019.
The company’s profits amounted to KWD 670,520 ($2.21 million) in Q1-19, compared to KWD 930,520 ($3.07 million) in Q1-18, according to a statement to Boursa Kuwait on Wednesday.
The Kuwaiti food firm attributed the drop in Q1-19 profits to a decrease in its stake in the business results of associates.
Assets surged 28% to KWD 340.41 million from January to March, against KWD 266.81 million in Q1-18.
In 2018, Sultan Center’s profits reached KWD 2.5 million, against a loss of KWD 4.41 million a year earlier.
