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Oula Local Fuel Marketing Company Announces Net Profit of KD 3.58 million, an increase of 3% compared to 2016



Kuwait, May 2018

Oula reported a net profit of KD 3.58 million for the year ended December 31, 2017, an increase of nearly 3% compared to 2016. The company announced its results during its general assembly held at the company's headquarters in the presence of the Chairman of the Board Engineer Abdul Hussain Al Sultan, and the Chief Executive Officer. Eng. Adel Al-Awadi, representative of the Ministry of Commerce and auditors of the company in addition to shareholders.

It is worth mentioning that the company achieved a 20% increase in other income from alternative activities in 2017 compared to 2016

Total assets increased to KD 91.34 million, an increase of 1.66% compared to 2016

On the company's results and strategic plans for the current and future years, Abdul Hussain Al Sultan said: "After the completion of a lot of development on the Oula fuel stations in previous years, this year witnessed the development of a number of more stations to reach four stations, namely: Fintas, Al-Qasr, Ardiya Industrial and Jabriya to become stations with licensed investment activities, a small central market - a car wash station equipped With the latest high-quality devices and conforming to international specifications based on the latest technologies to preserve the environment in addition to the service of car maintenance and ATM service, and thus be the first fuel completed the development of sixteen stations until 2017”.

In addition to the development of other services, the Central Market activity was opened with one of the largest specialized companies in three stations: Jahra, Fintas and Al-Shuhada, as well as the opening of car maintenance service in two stations: Khalidiya and Kebd.

With regard to corporate governance, Oula continues to perform its duties in accordance with the best methods and work to develop development plans and investment and support the pace of growth through the company's commitment to the latest laws and regulations applicable to public shareholding companies listed on the Kuwait Stock Exchange and the requirements of the Capital Markets Authority.

Through its future strategy, Oula is always looking to create value for the company's assets and brand and increase shareholders by maximizing the value of its assets and its position in the local market by continuing to develop stations and services and expand investment in infrastructure to create a greater number of services provided that will bring more direct returns and profits for the company. We continue to be in the forefront of applying the terms and conditions of corporate governance because of its impact on the protection of the rights of small investors, which reflects positively on the performance of the company and maintain the lead.