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FINANCIAL NEWS
Kuwait Energy posts 29% increase in profit last year
22 Apr 2013
(MENAFN) Kuwait Energy executive chairman, Dr Manssour Aboukhamseen, announced that yearly profit increased 29 percent from 2011, reaching USD44.9 million in 2012, reported Khaleej Times.
The Energy giant attributed the rise to delivering a 32 percent boost in oil output, registering a daily record of about 17,966 barrels of oil per day.
The company expects a further jump in production due to the discovery of oil reserves in Egypt and Oman.
It is worth noting that Kuwait Energy is one of the largest independent energy companies in the region.
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