Shareholders Distribution for the Year 2020
The Annual General Assembly of Oula Fuel Company for the fiscal year ending on December 31, 2020 was held at the company's headquarters in the presence of the Chairman of the Board of Directors, Eng. Abdulhussain Al-Sultan The company took all the precautionary measures approved by the Ministry of Health and the Capital Markets Authority during the general assembly meeting.
And the Chairman of the Board of Directors, Eng. Abdulhussain Al-Sultan, stated during his speech at the General Assembly meeting, that in 2020 the total income from fuel sales amounted to 120.9 million Kuwaiti dinars, a decrease of 21% compared to 2019.
Total profits decreased by about six hundred thousand Kuwaiti dinars compared to 2019 due to the Covid-19 pandemic and the decline in sales due to the lack of vehicle movement due to the periods of curfews and closures.
The company achieved a 14% increase in other income from alternative activities in 2020 compared to 2019.
The consolidated net profit amounted to KD 2.9 million, a decrease of 23% compared to 2019, due to the COVID-19 pandemic and the decline in sales due to the lack of vehicle movement due to the curfew and closure periods.
The total assets of the company increased to reach KD 126 million, an increase of 4% compared to 2019.
A cash dividend of 5% of the paid-up capital (5 fils per share) was approved and approved for the shareholders on a maturity date of 15 working days after the General Assembly.
Achievements despite challenges
The Chairman of the Board of Directors, Eng. Abdulhussain Al-Sultan, said during the meeting that despite the continuation of the Corona pandemic, which the whole world suffers from. Among the health, economic and social consequences of the rampant epidemic, especially the clear repercussions on the economic field in particular, and the imposition of a partial and total ban in the country for the year 2020, which greatly affected the financial performance of the company. And the company's employees to mitigate this impact and even worked on the completion of many important projects.
The company had an important role during the imposition of the total ban, as it operated some of its stations to facilitate filling operations for those working during this period, in addition to the work of the sales department to communicate with customers.
The company has taken many steps, procedures and health precautions to preserve all of its employees during the outbreak of this epidemic.