The draft final account of the Kuwait Petroleum Corporation and its subsidiaries for the fiscal year ending in 2021/2022 revealed that the total revenues from Kuwaiti crude oil sales amounted to 16.84 billion dinars, which reflects an increase of 10.34 billion dinars over the budget estimates of 6.49 billion dinars, or about 159.3%.
A local Arabic daily says, this increase has been achieved due to the following factors:
— An increase of 7.48 billion dinars as a result of the increase in the price of a barrel of Kuwaiti crude oil.
— An increase of 3.04 billion dinars as a result of the increase in the volume of Kuwaiti crude oil sales by about 636.9 thousand barrels per day.
— A decrease of 127.2 million dinars as a result of the decrease in the exchange rate of the dollar compared to what was estimated in the budget.
— A decrease of 57.7 million dinars as a result of lower actual freight revenues than estimated in the budget.
The total decrease in the salaries and benefits group for the fiscal year ending in March 2022 amounted to about 232.7 million dinars, or 13.2%, as the total salaries and benefits amounted to 1.52 billion dinars, compared to 1.76 billion dinars estimated in the approved budget.
This decrease was concentrated in:
— A decrease in the cost of salaries and allowances by 114.1 million dinars, due to the decrease in the actual cost of basic salaries, which was achieved from the decrease in the workforce by 1079 from the number calculated for the cost in the budget.
— A decrease in the cost of employee benefits by an amount of 104.8 million dinars, mainly due to the decrease in the actual cost of medical services due to the decrease in the cost of sending patients abroad, in addition to the decrease in the actual cost of calculating the end of service.
— A decrease in the cost of training and career development by 22.9 million dinars.
The final account indicated that the profits of subsidiaries and associates amounted to 109.8 million dinars, compared to losses estimated in the approved budget of 109.4 million dinars, with an increase in profits amounting to 219.2 million dinars, pointing out that this increase resulted mainly from the increase in the actual results of the Kuwaiti Foreign Exploration Company by an amount of 120.4 million dinars, which is mainly due to an increase in the profit margin and profits from the revaluation of oil and gas properties for a number of projects in Australia and Norway, in addition to an increase in the results KBC Europe, with an amount of 91.2 million dinars.
The total revenues from sales of petroleum products amounted to 6.72 billion dinars, compared to 7.16 billion dinars estimated in the operating budget, which reflects a decrease of 441 million dinars, or about 6.2%.
Read Today's News TODAY... on our Telegram Channel click here to join and receive all the latest updates t.me/thetimeskuwait
