عربي English Türkçe اردو فارسى
Logo
Latest News
Business

KNPC Records More than $1 Billion Net Profits

KNPC Records More than $1 Billion Net Profits
TT
TT

KNPC Records More than $1 Billion Net Profits

KNPC Records More than $1 Billion Net Profits

Kuwait National Petroleum Company (KNPC) recorded a 133 percent increase in its net profit during the fiscal year 2021-2022 compared to last year.

Walid Al-Badr, CEO of Kuwait Petroleum, announced that the company’s profits for the fiscal year 2021-2022 totaled 341.38 million dinars ($1.114 billion) compared to 146.544 million dinars during FY 2020-2021.

KNPC is a subsidiary of Kuwait Petroleum Corporation and owns the Ahmadi and Mina Abdullah refineries, which have undergone a comprehensive development process known as the Clean Fuel Project, which was inaugurated by Emir Sheikh Nawaf Al-Ahmad Al-Jaber Al-Sabah, in March at a total cost of 4.6 billion dinars.

According to Badr, the company’s success in several strategic projects affected reinforcing the efficiency and capabilities of competitiveness and productivity.

Most Viewed

 
 
Business

Quality of Life Program Center Unveils Historic Progress in Saudi Urban Living 

The report provides a comprehensive, data-driven analysis of the Kingdom’s transformation. (SPA)
The report provides a comprehensive, data-driven analysis of the Kingdom’s transformation. (SPA)
TT
TT

Quality of Life Program Center Unveils Historic Progress in Saudi Urban Living 

The report provides a comprehensive, data-driven analysis of the Kingdom’s transformation. (SPA)
The report provides a comprehensive, data-driven analysis of the Kingdom’s transformation. (SPA)

The Quality of Life Program Center released on Wednesday its latest report, "Cities of Possibility: The Evolution of Quality of Life in Saudi Arabia," drawing on extensive surveys of citizens, residents, and visitors, to provide a comprehensive look at the Kingdom’s progress in creating thriving, human-centric urban environments under Saudi Vision 2030.

Focusing on five major cities - Riyadh, Jeddah, Al-Khobar, Madinah, and Abha - the report introduces a pioneering assessment framework. This model evaluates urban success through four interconnected pillars: Prosperity and Opportunity, Personal and Social Growth, Lifestyle and Recreation, and Sustainable and Safe Foundations.

The report provides a comprehensive, data-driven analysis of the Kingdom’s transformation, showcasing key milestones that have surpassed many of the original Vision 2030 benchmarks. Economically, the Kingdom has seen a dramatic improvement in the labor market, with the unemployment rate nearly halving from 12.3% in 2016 to just 6.8% by the first quarter of 2025. This progress is bolstered by a historic surge in women’s economic empowerment; female workforce participation reached 36.4% in Q1 2025, exceeding the 30% target set for 2030.

Beyond the labor market, the Kingdom is rapidly solidifying its position as a global leader in investment and infrastructure. A 67% year-on-year increase in investment licenses helped propel Saudi Arabia to 13th globally in the 2025 Kearney FDI Confidence Index.

These economic gains are mirrored by substantial improvements in human development; life expectancy has risen from 74 to 79 years, while rapid digital transformation has placed the Kingdom second among G20 nations in the ITU’s 2024 ICT Regulatory Tracker Index.

With a trillion-dollar national investment in the tourism and entertainment sectors, the Kingdom has dramatically expanded access to world-class culture, sports, and leisure. Successful hosting of the Formula 1 Saudi Arabian Grand Prix, the Esports World Cup, and the Dakar Rally has solidified the Kingdom’s reputation as a global destination, paving the way for upcoming mega-events, including Expo 2030 Riyadh and the 2034 FIFA World Cup.

Quality of Life Program Center CEO Khalid AlBaker stressed the strategic importance of these developments, stating that quality of life is a strategic national priority and the engine for strengthening social cohesion, attracting global talent, and ensuring sustainable prosperity.

The tangible progress achieved is a direct result of the leadership’s commitment to placing human beings at the center of development, he added.

Business

TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
TT
TT

TotalEnergies Sells 50% of Greek Renewables Portfolio for 254 Million Euros

FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo
FILE PHOTO: The logo of French oil and gas company TotalEnergies is pictured at a petrol station in Treillieres, near Nantes, France, June 8, 2021. REUTERS/Stephane Mahe/File Photo

French oil major TotalEnergies has agreed to sell 50% of a 424-megawatt portfolio of wind and solar assets in Greece to Spanish investment firm Asterion Industrial Partners for 254 million euros ($297.36 million), it said on Wednesday.

The deal values the portfolio at 508 million euros, or approximately 1.2 million euros per megawatt installed, Reuters quoted it as saying.

TotalEnergies owns 32 gigawatts of gross installed renewable capacity worldwide, far ahead of other oil majors - but it is heavily reliant on the practice of selling down minority stakes in already-built wind and solar farms to boost returns from the assets, which earn fixed government-set tariffs for the power they produce in many markets.

The French company will continue to operate the Greek assets and retain its 50% stake. It plans to market and sell most of the electricity once regulated tariffs expire, according to the statement.

Total faces pressure from investors to accelerate divestments and lower its debt levels this year, after a string of acquisitions caused its debt-to-equity ratio to more than double in the first half of 2025.

Business

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
TT
TT

Silver Tops $65 for 1st Time, Gold Firms as US Unemployment Rate Climbs

FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo
FILE PHOTO: UK gold bullion bars and coins are displayed at Baird & Co in Hatton Garden in London, Britain, October 8, 2025. REUTERS/Hiba Kola/File Photo

Silver jumped past the $65-per-ounce mark for the first time on Wednesday, while gold climbed higher after US jobs data showed a softening labor market, rekindling expectations of further rate cuts next year and boosting demand for precious metals.

Spot silver was up 3.9% at $66.28 an ounce after rising to an all-time high of $66.52 earlier in the session. Spot gold prices rose 0.8% to $4,337.85 an ounce by 0552 GMT.

US gold futures gained 0.8% to $4,368.60.

"There is a major short squeeze (speculative trade) happening in silver... and we are not seeing the supply side responding the way it should have after the US added silver to the critical minerals list," said Kunal Shah, head of research at Nirmal Bang Commodities in Mumbai.

"Every country planning to enter the data center-AI space will need more of silver," Shah said, noting that current trends could push silver towards $70 in the near term.

The rally followed US data showing the unemployment rate rose to 4.6% in November, above a Reuters poll forecast of 4.4%.

The unemployment data has definitely helped precious metals and weakened the dollar, prompting investors to look for other asset classes offering higher returns as a hedge against risk, GoldSilver Central MD Brian Lan said.

Investors now await the US consumer price index data on Thursday and the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge, on Friday.

Last week, the Fed delivered its third and final quarter-point rate cut for the year, while Chair Jerome Powell's accompanying comments were perceived as less hawkish than expected.

Traders still expect two cuts of 25 basis points each in 2026.

Non-yielding assets like bullion typically perform well in low-interest-rate environments.

Elsewhere, platinum was up 3.6% at $1,916.80, its highest in more than 17 years since July 2008, while palladium added 0.7% to $1,615.28, a two-month high.