Geopolitical developments that have led to an increase in price of energy, has also resulted in significant profits accruing for Kuwait Petroleum Corporation (KPC) and all but one of its subsidiaries.
Profits for fiscal year 2021-2022 for KPC and its subsidiaries, except for Kuwait Integrated Petroleum Industries Company (KIPIC), was KD1.2 billion. KIPIC was the only subsidiary to record a loss, estimated at KD55 million, which has been attributed to a lack of completion of its activities.
Among the other subsidiaries, Kuwait Oil Company (KOC) achieved the highest net profit of around KD536 million, followed by Kuwait National Petroleum Company (KNPC) with KD341 million in profits, Kuwait Petrochemical Industries Company (KPIC) earning KD196 million, and Kuwait Foreign Petroleum Exploration Company (KUFPEC) registering KD86 million in profit. For its part, Kuwait Oil Tanker Company (KOTC) recorded a profit of KD26 million, while that of Kuwait Petroleum International (KPI) stood at KD15 million.
