Kuwait Petroleum Corporation Reports KWD 4.4 Million Net Profit in First Half
Kuwait City, Aug 9 (KUNA) -- Kuwait Offshore Drilling Company (KODCO) announced its financial results for the first half of 2026, ended June 30, posting a net profit of 4.4 million Kuwaiti dinars (approximately $14.2 million), representing a year-on-year increase of 96.6 percent.
In a press release, the company stated that its revenues rose by 34.4 percent during the same period to reach 18.1 million dinars (approximately $58.5 million), compared to 13.5 million dinars (approximately $43.6 million) in the corresponding period of 2025.
It added that earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 28.3 percent to 9 million dinars (approximately $29.1 million). The company’s board of directors recommended a first interim cash dividend of 3 fils per share (approximately 10 cents) for the six months ended June 30, 2026, totaling approximately 1.7 million dinars (approximately $5.5 million), marking the company’s first interim cash dividend.
The company noted that cash flow from operating activities rose by 48.1 percent year-on-year to reach 5.4 million dinars (approximately $17.5 million). During the six-month period, the company invested 20.5 million dinars ($66.3 million) in expanding its fleet and new offshore oilfield service platforms, bringing the total value of property, plant, and equipment to 142.7 million dinars ($461.2 million).
In the statement, Sheikh Mubarak Abdullah Al-Mubarak Al-Sabah, Chairman of the Board, said the results reflect the company’s strong performance, noting that net profit nearly doubled during the first half of the year.
He added that the company’s contracted business backlog reached a record level of approximately 349 million dinars ($1.1 billion), distributed with approximately 61 percent allocated to drilling services and 39 percent to oilfield services, providing clear visibility into revenues for the coming years.
He stated that the board’s recommendation for the first interim cash dividend of 3 fils per share reflects the company’s commitment to delivering sustainable returns to shareholders, reaffirming its continued operational excellence, value creation for shareholders, and strengthening of its position as a trusted national partner supporting Kuwait’s ambitions in the energy sector.
For his part, Chief Executive Officer Ahmed Al-Ajlan said the first-half results confirm the company’s operational platform’s capacity for expansion and the success of its strategy to diversify service lines. He highlighted that revenues grew by 34.4 percent and net profit by 96.6 percent.
Al-Ajlan added that the company invested 20.5 million dinars ($66.3 million) in fleet expansion and new service lines, while the contribution of oilfield services rose to 39 percent of total business. He expressed optimism about continuing growth and delivering long-term value to national oil companies, partners, and shareholders.
(End) K.M. / N.W.F.
