Kuwaiti NOC posts record profits of $3.3 bln in 2022/23

Kuwait

KUWAIT CITY, July 26, 2023 – Kuwait National Petroleum Company has posted record profits of USD 3.3 billion in the financial year ending March 31, 2023, the nation’s state news agency announced on Tuesday.

According to the report, the company’s profits increased by 198% compared to the same period the previous year.

The reasons for the increase in profits were stated as the heightened price of commodities and the opening of several refineries.

Other energy giants around the world have announced record annual profits.

ExxonMobil posted earnings of USD 56 billion, Shell posted earnings of 40 billion and Saudi Aramco posted earnings of USD 161 billion.

In July 2023, QatarEnergy posted a 58% rise in profits in 2022.

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