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KNPC Records More than $1 Billion Net Profits

KNPC Records More than $1 Billion Net Profits
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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.

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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
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Moody's Upgrades Saudi Arabia's Credit Rating

Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters
Moody's indicated that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification. Reuters

The credit rating agency “Moody’s Ratings” upgraded Saudi Arabia’s credit rating to “Aa3” in local and foreign currency, with a “stable” outlook.
The agency indicated in its report that the rating upgrade and stable outlook are results of the Kingdom's ongoing progress in economic diversification and the robust growth of its non-oil sector. Over time, the advancements are expected to reduce Saudi Arabia’s exposure to oil market developments and long-term carbon transition on its economy and public finances.
The agency commended the Kingdom's financial planning within the fiscal space, emphasizing its commitment to prioritizing expenditure and enhancing the spending efficiency. Additionally, the government’s ongoing efforts to utilize available fiscal resources to diversify the economic base through transformative spending were highlighted as instrumental in supporting the sustainable development of the Kingdom's non-oil economy and maintaining a strong fiscal position.
In its report, the agency noted that the planning and commitment underpin its projection of a relatively stable fiscal deficit, which could range between 2%-3% of gross domestic product (GDP).
Moody's expected that the non-oil private-sector GDP of Saudi Arabia will expand by 4-5% in the coming years, positioning it among the highest in the Gulf Cooperation Council (GCC) region, an indication of continued progress in the diversification efforts reducing the Kingdom’s exposure to oil market developments.
In recent years, the Kingdom achieved multiple credit rating upgrades from global rating agencies. These advancements reflect the Kingdom's ongoing efforts toward economic transformation, supported by structural reforms and the adoption of fiscal policies that promote financial sustainability, enhance financial planning efficiency, and reinforce the Kingdom's strong and resilient fiscal position.