Mubasher: Nafais Holding on Thursday stated that its profits went down 9.6% in the third quarter of 2017, compared to the year-ago period.

The firm’s profits reached KWD 1.7 million ($5.63 million) in Q3-17, compared to KWD 1.88 million ($6.23 million) in Q3-16, according to a statement to Boursa Kuwait.

The company’s profits surged 61.2% during the first nine months of 2017 to KWD 9.64 million, from KWD 5.98 million in the same period in the year before.

Nafais attributed the growth in the nine-month period to selling its whole stake in associate company, decrease in operating expenses, collecting debts, and cancelling provision which was allocated for it.