Dear Shareholders,

On behalf of the Board of Directors, I am pleased to present the 46th Annual Report and consolidated financial statements to the Shareholders of IPG for the year 2022.

2022 was marked by a sudden and unexpected war between Russia and Ukraine directly impacting on energy supplies and food. The oil markets faced difficult challenges due to sanctions leading to higher prices and concerns over supplies. Inflation and economic growth weighed on the markets. As the war continues, forecasting future direction has become a difficult task.

Nevertheless, 2022 was another successful year for IPG, generating solid revenues. Performance figures, during 2022 reveal a net profit of 7.656 million KD, equivalent to 42.35 fils per share, therefore the profit increased to about 6.42% over that of the year 2021.

Crude Oil and petroleum products prices fluctuated continuously during 2022 due to the ongoing war causing constraints on Finance and Marketing. However, these were overcome with care and guidance provided by IPG Management.

It is a great pleasure to announce that IPG’s performance during 2022 was highly commendable and I would like to take this opportunity to thank everyone who contributed to IPG’s strong performance.

On behalf of The Board of Directors I would like to express our thanks and appreciation to all shareholders for their confidence and to the employees for their hard work and commitment to IPG.


Ali M. Al-Radwan

Chairman of the Board of Directors