Chairman and CEO of Ikarus Petroleum Industries, Riyad Idris, said that thanks to the markets’ recovery from COVID-19 pandemic that swept the local and global markets in 2020, the company managed to achieve excellent results, with its net profits reaching KWD 34.8 million compared to KWD 1.1 million in FY 2020. Assets jumped to KWD 174 million, compared to KWD 112 million in 2020, as the value of the Company’s investments increased.

"Total shareholders' equity of the parent company stood at KWD 130 million, compared to KWD 73.5 million in 2020. The company's liabilities stood at KWD 37 million compared to KWD 31.5 million in 2020.” Mr. Idris stated in a speech during the company's Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) held yesterday, pointing out that in light of such stellar results, the company’s management decided to distribute 5% cash dividends for FY2021. 

He pointed out that the company is carrying out the restructure of its capital as planned. Capital was reduced by 17%, bringing the cash dividends paid by the company to its shareholders in addition to capital reduction to over KWD 50 million in 2019, 2020 and 2021.

Idris said that in the second week of December 2021, "OPEC" raised its forecast for global oil demand for the first quarter of 2022, and adhered to its schedule to return to pre-epidemic production levels, citing that the Omicron variant will be moderate and its impact should be short. "The optimistic view from OPEC came at a time when oil prices have regained some of their losses witnessed when the new variant surfaced in November 2021." He added.
He highlighted that "OPEC" expects global oil demand to reach an average of 99.13 million bpd in the first quarter of this year, an increase of 1.11 million bpd from last month’s expectations.
Idris said that OPEC+ held a meeting on December 2, in which it was agreed to increase monthly production by 400,000 bpd in January, despite concerns about the new variant, explaining that “OPEC” expects global demand from its OPEC members to reach 28.8 million bpd in 2022.