Wednesday, May 16, 2012
BEIRUT (Zawya Dow Jones)--State-owned Kuwait Petroleum Corp., which consolidates the local public sector oil companies, said net profit for the year ending March 31 rose 9.1% on the year to about 2.2 billion Kuwaiti dinars ($7.88 billion), the official Kuwait News Agency, known as Kuna, reports Wednesday.
The KWD183 million profit growth came despite economic challenges at the global and regional levels, and was driven by several factors, Ali Al Hajri, KPC's managing director for finance and administrative affairs, is quoted as saying by the news agency.
These factors include reduced shutdown time for maintenance, improvements in production and product quality, a strategic focus on highly profitable markets, and close and continuous monitoring of KPC's financial investments, he said.
Kuna quotes Hajri as saying that KPC's return on invested capital grew 0.7% on the year to 11.8% while the profit margin rose 0.6% to 6.6%.
News agency website: http://www.kuna.net.kw/ArticleDetails.aspx?id=2240954&Language=ar
-By Beirut Bureau, Zawya Dow Jones; +961-1-985 757; BeirutZDJ@zawya.com
(END) Dow Jones Newswires
16-05-12 1441GMT
