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Oula Announces Its Profits for 2018


Oula Local Fuel Marketing Posted a Consolidated Profit of KD 3.8 Million In 2018, An Increase Of 6.3% Compared To 2017

Kuwait, April 2019

Oula held its General Assembly for the financial year ended December 31, 2018 at the company's headquarters in the presence of the Chairman of the Board Eng. Abdul Hussein Al Sultan, Vice Chairman and CEO Eng. Adel Al-Awadi and the representative of the Ministry of Commerce and auditors of the company in addition to shareholders. Total income from fuel sales increased to KD 154.6 million, an increase of 4.3% compared to 2017. The Company achieved a 15.8% increase in other income from alternative activities in 2018 compared to 2017. Limit of 3.8 million Kuwaiti dinars and a rise of 6.3% compared with the year 2017 due mainly to the rise in other income sources of non-fuel sales. The company's total assets increased to KD 116 million, an increase of 27% compared to 2017

It was also unanimously agreed to distribute a cash dividend of 5% of the paid up capital (5 fils per share) to the shareholders on the maturity date of 15 working days after the general assembly.

 On the achievements of Oula, Mr. Abdul-Sultan discussed the development of stations such as those that have undergone partial development work, including the installation of a second-generation vapor recovery system for three stations, namely: South Airport; Shuwaikh and Renaissance. In addition to those that have undergone integrated development work such as Salmiya station located on the fourth ring road and Salmiya station located on the fifth ring road where it has become licensed investment activities, namely: mini central market, car wash station equipped with the latest high-quality devices and conform to international specifications based on the latest technologies to preserve the environment, car maintenance service and ATM service. Thus, Oula has completed the development of twenty stations until 2018

On the development of other services available at the stations, Mr. Abdulhussain Al Sultan said that “Oula has added a number of services to some of its stations market and car maintenance service and car washing and polishing service. Increase POS for non-oil products such as nebulizer and fuel injection system to 20 stations. In order to achieve more financial returns from the stations, a cooperation agreement was also concluded with one of the major banks”.

In addition, Oula established Ultra Logistics Company to cover the company's needs for fuel transportation services. In 2019, 30 trucks were purchased from one of the world's leading manufacturers with special specifications. This is the first deal of its kind in the Middle East for this model of Fleet board satellite tracking system.

Mr. Al Sultan said that “Oula is looking through its future strategy to create value added to the company's assets and brand and increase shareholders by increasing the value of its assets and its position in the local market through continuing the plan to develop stations and services and expand investment in infrastructure to create a greater number of services provided that will achieve direct returns and profits”. Moreover, it continues to lead the way in applying corporate governance requirements due to its impact on the protection of the rights of small investors, which reflects positively on the company's performance and maintain its leadership position in the local market.

Al-Sultan pointed out that Oula Company continued in 2018 its social strategy to develop the Kuwaiti society and support its activities aimed at various areas and projects and to provide all support for people with special needs, as well as maintaining the percentage of Kuwaitis in the company, whether in the main office or in the subsidiary stations as well as its compliance with the laws of environment protection.

Mr. Al Sultan concluded by noting the confidence of investors, which is the main motive for the progress and development of the Oula and always strive to innovate and provide integrated services that live up to the global level; He also pointed to the role of the company's team in the successes achieved, especially as it works in one hand, taking into account the interest of customers and satisfaction first.