Kuwait National Petroleum Company (KNPC) posted profit of 1.016 billion dinars ($3.31 billion) in the year ended March 31, its highest ever, state news agency KUNA said on Tuesday.

The profit was 198% higher than the 341.38 million dinars in the previous fiscal year, KUNA said.

The increase was due to higher global oil prices as well as the completion of refineries in Mina Abdullah and Mina Al Ahmadi, KUNA said citing KNPC Chief Executive Wadha Al-Khateeb.

The state-owned oil firm's bumper profits mirrored those of other Gulf national oil companies and other oil majors such as Exxon Mobil and Shell, which reported record profits last year of $56 billion and $40 billion, respectively.

Last week, Qatar Energy reported $42.5 billion profit in 2022, while Saudi oil giant Aramco posted a profit of $161 billion last year. (Reporting by Ahmed Hagagy; Writing by Yousef Saba; Editing by Louise Heavens)