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Tuesday , January 31 2023

KPC bags KD1.2bln net profit in ’21/’22

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KUWAIT CITY, Oct 29: Kuwait Petroleum Corporation (KPC) achieved a net profit of KD1.2 billion in fiscal 2021/2022, reports Al-Anba daily quoting sources. Sources said that KPC’s revenues in the last fiscal year reached KD27 billion, compared to expenses of KD25.8 billion. Sources affirmed the KPC Board of Directors decided to transfer more than KD1 billion to the public treasury and KD120.6 million to the general reserve of the corporation.

Sources added the revenues are as follows: KD16.8 billion from crude oil, KD6.7 billion from petroleum products, KD2.6 billion from gas, KD125.6 million from liquefied gases and KD585.7 million from the financial portfolio. Sources went on to say that the expenses include direct variable costs amounting to KD24.2 billion and KD3.4 billion operating expenses; while the total expenses recovered from the State reached KD2.1 billion and the net operating expenses totaled KD1.27 billion.

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