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Kuwait livestock firm suffers $7m losses

KUWAIT: Kuwait’s Livestock Transport and Trading Company (Al-Mawashi) incurred KD 2.1 million (around $7million) in the first six months of 2021, in contrast to KD 1.8 million ($6 million) profits posted in the corresponding period of 2020. Chairman Walid Al-Roumi, in a statement yesterday, attributed the losses to increase of operations’ costs, livestock prices which are higher by 20 percent in the exporting countries, and increased costs of transportation, shipment and logistics due to rise of fuel prices.

CEO Usama Boudai indicated that the losses were related to higher debts resulting from deductions of additional allotments estimated at KD 1.5 million ($5 million) worth of government subsidies. The company had to stockpile on lamb during summer however it was surprised with demands for higher fees for freezers’ rents. He mentioned other adverse factors, such as impact of the coronavirus and Australia’s decision to stop exporting sheep during the summer. – KUNA

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