KPC gains see decline by 38% in fiscal 2018/19 investments
Changes in currency values cause
The ‘Al-Rahma’ Society team for relief efforts is on a campaign in Turkey. KUWAIT CITY, Dec 29: In response to a parlia- mentary question, Kuwait Petroleum Corporation (KPC) said the profit of its investment portfolio declined by 38 percent in fiscal 2018/2019 compared to the previous year, reports Al-Qabas daily.
KPC revealed the amount of withdrawal is $1.6 billion – from $19.2 billion to $17.6 billion, indicating the net profit decreased from $1.44 billion in fiscal 2017/2018 to $391 million in fiscal 2018/2019.
It also confirmed the reply to the comment of the State Audit Bureau (SAB) in this regard, pointing out that the investment portfolio was established in 1997 with the aim of benefiting from the available cash at the time as part of enhancing total revenues and using them in the best way until the launching of major projects.
It added the investment profits were used to finance projects; hence, the decline of investment in the portfolio by the end of fiscal 2018/2019.
It pointed out that the commitment to refund profits of the previous years to the State contributed to reducing cash and increasing expenses.
It also attributed decline of revenues to the reconstruction of the investment portfolio in the previous year – 2017/2018 – which increased the profits by $806 million, clarifying that if such amount was deducted, the decline would have been $243 million only. It went on to say that part of the decline is due to changes in the value of currencies against the US dollar.
Ministry of Education reneged on a decision it took last academic year to Kuwaitize the team tasked to print exam questions, reports Al-Rai daily.
The daily quoting a reliable educational
source affirmed that the ministry after long discussions rejected implementation of the idea, as they consider printing of exam questions a distinguished duty of the workers in education sector. He explained that expatriates preparing the test questions and correcting answers include heads of the Physics and Mathematics Departmentsamong others in the exam control room.
Meanwhile, educational sources disclosed that Ministry of Education has finished its e-link project with all private Arab schools, creating a unified system for those who follow the educational system in Kuwait except the foreign schools.