Kuwait's Burgan Drilling’s Profits Plummet

The net profit of Kuwait's 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 (US$$3.088 million) at the end of December of last year from KWD 2.13 million (US$7.018 million) in the same period in 2018, according to a bourse filing on Tuesday.

Over the third quarter (Q3), the profits soared by 29.8% annually to KWD 314,852 (US$$1.037 million) from KWD 242,527 (US$$799,174). 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.