Kuwait City, May 19: National Petroleum Services Company "NAPESCO", a subsidiary of Kuwait Projects Company (Holding), and one of the leading companies in the energy and oilfield services sector, announced that it has achieved a net profit of 2.38 million Kuwaiti dinars for the first quarter of the fiscal year 2024, with an increase of 8% compared to the same period in 2023.

The earnings per share also increased by 15% during the first quarter of the current year to reach 26.37 fils per share, compared to 22.84 fils per share during the same period in 2023.

On this occasion, Sheikh Sabah Mohammed Abdulaziz Al-Sabah, Chairman of the Board of Directors of NAPESCO, stated that the positive results of the first quarter of the current year reflect the efforts made to enhance the efficiency of our operations to ensure the company's continued achievement of its strategic objectives in the oil services sector, and to enhance revenues specifically, within a framework of integrated governance and a forward-looking vision aimed at diversifying income streams to mitigate risks.

Mr. Muhaiman Ali Al-Behbehani, Vice Chairman and CEO added in his statement that the efforts to implement strategic development and expansion plans, along with diversifying products and services, will enhance the company's performance and achieve its goals. This aligns with the company's developmental vision and follows a prudent policy aimed at reducing risks, effectively meeting the requirements of sustainable development, and maximizing profits and shareholders' value."