Saturday , November 18 2017

NAPESCO posts KD 7.9mn net profit for first 9 months

KUWAIT CITY, Nov 7, (KUNA): National Petroleum Services Company (NAPESCO) announced on Tuesday that its net profit was totaling KD 7.9 million (around $25.8 million) during the first nine months of 2017, compared to KD 5.7 million during the same period in 2016, an increase of 39.7 percent.

NAPESCO announced today on Boursa Kuwait, which formally assumed responsibility for Kuwait’s stock market operations on 25 April 2016, official website that the net income per share of the first nine months of 2017 reached 82.3 fils, compared to 58.9 fils of the same period in 2016, with rise by 37.9 percent.

The positive results are reached thanks to the increase in the operational activity, indicating the absence of revenues and expenses from related transactions during the mentioned period, NAPESCO added.

National Petroleum Services Company (NAPESCO) was founded in 1993 as a private company offering pumping services to the Kuwait Energy Sector.

NAPESCO has established itself as a leading provider of Upstream Oilfield Services including Cementing, Stimulation, Coiled Tubing, Nitrogen, and Downhole Service Tools. Since 2003 NAPESCO has been a publicly traded company listed on the Kuwait Stock Exchange. In 2006 the company expanded its business operations with the region through additional capital investments, facility expansion, further diversification of business activities and the start of International Operations.

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