Kuwait's KPC posts net profit of $8.5B in last fiscal year

Kuwait Petroleum Corporation and its subsidiaries posted a net profit of more than 2.6 billion Kuwaiti dinars ($8.48 billion) in the last fiscal year, the highest in 10 years, the KPC's CEO said, Report informs, citing Reuters.

Chief Executive Nawaf Saud al-Sabah said in a video on KPC's YouTube channel that the company also increased its oil production capacity by 200,000 bpd to 2.8 million bpd in the same period.

The KPC's refining capacity jumped 50% to 1.2 million bpd, a figure which the company is seeking to raise to 1.4 million bpd this quarter, Al-Sabah added.

The primary takeaways from these announcements include the substantial financial growth that KPC has experienced, with profits reaching a 10-year high. Moreover, the company has successfully increased its oil production capacity and has witnessed a significant boost in refining capacity. KPC has plans to further expand this in the near future.