Mubasher: Shuaiba Industrial reported a 63.4% decline in profits during the third quarter (Q3) of the year, as shown by the company’s financial statements.

Profits reached around KWD 69,270 ($228,700) in Q3-19, compared with KWD roughly 189,370 ($625,300) in Q3-18, according to the company’s statement to Boursa Kuwait on Wednesday.

In the first nine months of 2019, profits decreased by 50.9% to KWD 422,250 down from KWD 859,660 in the corresponding period last year.

Shuaiba attributed the drop in profits to lower operating earnings and decreased stakes in sister companies.