Financial data shows the Kuwait Petroleum Corporation and its subsidiaries until the end of last fiscal year ending on March 31, 2022, took total loans of about to 5.13 billion dinars, an increase of 1.9 billion dinars compared to the 2017/2018.
The data, a copy of which has been obtained by a local Arabic daily, showed that the KPC’s loans are divided into 3.5 billion dinars long-term loans and about 1.6 billion dinars short-term loans.
The data also shows the KPC loans are witnessing a steady increase year after year — 3.1 billion dinars in 2018, rising to 4.9 billion dinars in 2019 and then to 5 billion dinars from 2020, and jumped to 5.22 billion dinars in 2021.
The data revealed that interest expenses during the past years have witnessed a significant increase, as the total interests of loans was about 647 million dinars, reaching in the last fiscal year 2021/2022 to 216.4 million dinars, an increase of 188.3 million dinars, or 670.2% than it was on March 31, 2018.
The increase in the debt ratio is evident from one fiscal year to another, as it reached 37.1% in the fiscal year ending on 3/31/2018 and rose to 49.2% in the fiscal year ending on 3/31/2022.