Kuwait National Petroleum Company (KNPC) has achieved a remarkable financial milestone in the fiscal year 2022-2023, which concluded on March 31. CEO of KNPC Wadha Al-Khateeb revealed that the company recorded a record-breaking net profit of 1.016 billion dinars ($3.31 billion) during the past fiscal year, representing an impressive 198% increase. This outstanding figure marks the highest profit in the history of KNPC.
The significant surge in profits is attributed to the surge in global energy prices and the successful expansion of production capacity at Kuwait's leading refining complexes, namely Mina Abd Allah and Mina Al Ahmadi.
Notably, QatarEnergy, a major global producer of liquefied natural gas and Qatar's state-owned company, also reported a substantial 58% increase in net profit last week, reaching $42.46 billion. Similarly, Saudi Aramco, Saudi Arabia's national oil company, achieved a record profit of $161.1 billion in 2022, representing a substantial increase from the $110 billion reported the previous year.
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Photo: Abdullah Alqattan/Creative Commons 2.0
Based on materials from TASS