Oula achieves net profit KD 4 million in 2011 [Kuwait Times]
(Kuwait Times Via Acquire Media NewsEdge) April 09--KUWAIT -- Oula Fuel Marketing Company K.S.C. announced a 11 percent rise in its revenue during the period ending December 31, 2011, resulting in 12.41 fils earning per share. Speaking at the sixth ordinary and extraordinary annual general assembly held at its headquarters in Kuwait City yesterday, Abdulhussain Al-Sultan, Chairman Oula Fuel Marketing said that the company has achieved a net profit of KD 4,059,055 million for the fiscal year ending December 31, 2011 resulting in 12.41 fils earning per share. It is 41 percent higher than the earning per share registered in 2010. Managing Director Hamzah Bakhash, company's shareholders, Manal Al-Jassam representative from the Ministry of Commerce and a number of media representatives attended the event.
Al-Sultan noted that the company' total assets amounted to KD 55,393,711, recording an increase of 18 percent over last year while company revenue soared by 11 percent during 2011 and enhanced efficiency of operations, resulting in improving gross profit by 34 percent. "The profitable results recorded by the company in 2011 is the result of great efforts exerted by the company's internal workforce to apply the new management's strategy. This is primarily based on improving operational efficiency, boosting productivity and enhancing profitability that has eventually led to increasing the profit margin of the company. It has positioned itself as a leader in the Kuwaiti market."
Al-Sultan added, "We are proud to be sharing our results and achievements with our shareholders and promise them to continue investing more effort to offer the best quality of services to our customers. We view them as the primary partner of success. I would like to extend my gratitude to Oula's employees who are the core assets of the company and the reason behind its success." Al-Sultan spoke about company's Health Society and Environment issues, improvement of stations and career development of employees. He said the 'facelift' [development of stations] was completed, with the number of renovated stations to 19 since the launch of the project in 2010. "We are waiting to receive permits from authorities to launch operations in new stations of Kabed and Shauiba, awaiting permits to be issued by authorities. Also, the company has completed Phase 1 of renovation work at Bayan station which commenced in January 2012."
Al-Sultan asserted company's commitment to Health, Safety and Environment mentioning awards and certification given to them by the American Society of Safety Engineers and the KNPC among others. Oula's accomplishments in 2011 include company's installation of Automatic Tank Gauging (ATG) system, new filling system in 19 stations with retractable hoses, wireless payment terminals in all stations, making it the first fuel company in Kuwait to employ such systems and centralized new monitoring system in all of its stations.
With regard to corporate social responsibility, Al-Sultan mentioned that Oula has taken the lead in sponsoring a number of social events which ranged from conducting an event during Ramadan, sponsoring graduation projects for a number of engineering students in Kuwait University and some private colleges, accepting internship or summer programs for the youth, sponsored activities organized by Kuwait House of National Works including beach clean-up drive. He concluded, "Oula is proud of the confidence of shareholders and customers in its performance and strategic approach. On behalf of Oula, I would like to thank them for their trust in us, and promise to continue on our path to achieve interests and develop investments through transparent and well-structured strategies." A number of queries, comments from shareholders were entertained during the Assembly.
(c)2012 the Kuwait Times (Safat, Kuwait)
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