Latest News
- Kuwait Arrested 18 Drug Dealers
- 8 More Mental Health Clinics To Be Open
- Fishermen's Makeshift Houses Ordered To Be Removed By Kuwait
- Kuwait Cracks Down On Bachelors
- Non-oil Exports Of Kuwait Reached 106 Million Dinars In January,...
- Kuwait Joins The Global Celebration Of World Press Freedom Day
- Kuwaitis In UAE Advised To Exercise Caution Amid Unstable Weathe...
- MEW Has No Plans For Power Cuts And Is Ready To Tackle The Summe...
- Allow Employees To Transfer If Their Monthly Dues Are Not Paid
- Appeal Court Upholds Death Ruling In Friend’s Kill
- Pakistani Expat Died In A Tragic Accident
- The Hourly Domestic Workers Service Is A New Scam
A Weekly Report By Al-Shall Highlights Kuwait's Performance
February 2024 marks the conclusion of the eleventh month of the fiscal year 2023/2024, unveiling significant insights into Kuwait's economic landscape through Al-Shall’s weekly report.
The average price of a barrel of oil for the current fiscal year stood at approximately $84.4, with Kuwaiti oil reaching around $81.1 per barrel in February 2024, as reported by Al-Qabas daily. This figure indicates an increase of $11.1 per barrel, or 15.8%, compared to the new hypothetical price estimated in the current budget, set at $70 per barrel. However, February’s average barrel price was 16.5% lower than the previous fiscal year’s average of $97.1 per barrel.
Despite the decline, Kuwait’s oil revenues in February amounted to roughly 1.47 billion dinars, contributing to total projected revenues for the fiscal year, which are expected to reach about 22.81 billion dinars, including non-oil revenues. With expenditure allocations totaling around 26.27 billion dinars, there is a likelihood of the general budget recording a deficit of approximately 3.46 billion dinars. The actual deficit may fluctuate based on factors such as oil prices and potential savings in public expenses.
In February, the Kuwait Stock Exchange witnessed mixed performance, with positive movements in price indicators despite a decrease in daily trading value. The primary market index rose by about 2.5%, the main market index by about 1.9%, and the general market index by about 2.4%. However, absolute liquidity decreased by approximately 20.9% compared to January, with the average daily trading value also declining by 3.4%. Liquidity trends suggest that smaller, more liquid companies received a disproportionate share of trading activity, highlighting disparities in market participation.
Gulf Bank demonstrated improved profitability indicators compared to the previous year, with the return on capital ratio (ROC) increasing to about 20.9%, return on equity (ROE) to 9.3%, and return on assets (ROA) to about 1%. Earnings per share (EPS) rose to about 21 fils, and the price/earnings per share (P/E) multiplier index improved to about 13.4 times. The bank announced plans to distribute 12% cash dividends and 5% bonus shares, resulting in a cash return of 4.3% on the closing price at the end of December 2023.
Al-Shall’s comprehensive analysis offers valuable insights into Kuwait’s economic performance, providing stakeholders with a nuanced understanding of key trends and developments.
Trending News
-
Expat Residency Law Amended By Kuwait Ministerial...
20 April 2024
-
Ministry Announces Separate Time For Amnesty Seeke...
21 April 2024
-
The Ministry Connects With Violators Of Residency...
23 April 2024
-
Work Permits Will Be Issued For One Year Under The...
27 April 2024
-
AstraZeneca Admits Covid Vaccine Can Cause Rare Si...
29 April 2024
-
3 Expats Caught In Salmiya With 213 Bottles Of Loc...
23 April 2024
-
Temperature Increases Cause Electricity Load Index...
21 April 2024
-
Al-Nuer Festival Celebrates Kuwaiti Agriculture Wi...
22 April 2024
-
Peak-time 'cut-offs' Raise Fears Of An Electricity...
22 April 2024
-
Road Trip From Kuwait To Bahrain Via Saudi: Travel...
22 April 2024
Comments Post Comment