The sharp rise in oil prices since the beginning of the year was good news for the stakeholders in the Kuwait Petroleum Corp. (KPC), which reported a net profit of $2.29 billion for it and its subsidiaries for the fiscal year just ended.
KPC’s total assets at the end of October equaled $29 billion, while $2.55 billion in gross profits were recorded and $260 million was set aside as a mandatory reserve. According to Middle East Times, , sales of crude oil during the fiscal year stood at $9.52 billion, while sales of petroleum products were $7.96 billion.
The buoyant results reported by KPC impacted positively on the budget of Kuwaiti government. Its revenues stood at $20.37 billion, more than $9.88 billion that had originally been forecast, while expenditures were $17.82 billion, more than twice the projected $8.05 billion. —(Albwaba-MEBG)
