Oula Fuel Marketing announces 2011 net profit of KD 4.06 million

27/04/2012 06:54 AST

Oula Fuel Marketing Company held its Extraordinary General Assembly Meeting where it has been approved to raise the company's capital from 32,969,919.950 Kuwaiti dinars to KD 34,618,415.945 distributed on 346,184,158 shares with a value of 100 Kuwaiti fils per share. This was stated in a press release on Thursday. In addition, amendment to Article 7 of the article of association and clause 6 related to a previously modified capital has been approved. The Extraordinary Assembly was held in the presence of Chairman Abdulhussain Al Sultan and Managing Director Hamzah Bakhash in addition to a representative from the Ministry of Commerce and a large number of the company's shareholders.

The company has announced its profits for the fiscal year ending on Dec. 31, 2011 during its Annual Ordinary Assembly Meeting that was held on April 9, achieving a net profit of KD 4,059,055 and resulting in 12.41 fils Earnings per Share (EPS) which is 41 percent higher than the EPS registered in 2010.

The company' total assets amounted to KD 55,393,711 recording an increase of 18 percent over last year while company revenue has increased by 11 percent during 2011 and enhanced efficiency of operations resulted in improving gross profit by 34 percent.

Regarding the capital increase, Chairman Abdulhussain Al-Sultan said, "The suggestion to increase the company's capital stems from Oula's mission to strategically expand locally in order to provide wide range of services that match our customers' needs as well as to develop existing stations based on principles of high quality and safety"

Al Sultan confirmed that the company's profitable results recorded in 2011 is the result of great efforts exerted by the company's internal workforce to apply the new management's strategy which primarily is based on improving operational efficiency, boosting productivity and enhancing profitability which has eventually led to increasing the profit margin of the company and positioning it as a leader in the Kuwaiti market. He added: "We would like to thank our customers and shareholders for their confidence in us and promise them to continue our efforts to provide the best services."

Oula Fuel Marketing Company has witnessed a number of strategic accomplishments on the operational level. The Facelift project was completed in four additional stations bringing the number of stations undergone facelift to 19 since the launch of project in 2010. Preparation work to launch the operation in new stations of Kabed and Shauiba await permits to be issued by authorities. In addition, the company has completed phase 1 of renovation work at Bayan station which has commenced operations in January 2012. The company expects to obtain seven licenses during the first quarter of 2012 for the major renovation of 7 more stations.

Al Watan