Oula Fuel Marketing Company scored KD4.3m net profit for the financial period ended on December 31st, 2013 with a 10.8% increase comparing to to the same period in 2012. The company has announced its financial results during its General Assembly Meeting held at the company’s headquarters in presence of the chairman Mr. Abdul Hussein Al Sultan, Ministry of Commerce auditors, Oula’s top management team in addition to the shareholders and a crowd of journalists.
It should be highlighted that before deducting some allocations and after taking into consideration alternate revenue sources; Oula’s profit has reached KD5.4m. The total equity is KD51.8m (82% of total assets in 2013) – the increase is about 12% in comparing to 2012.
On the other hand, the total assets have risen to reach KD63.4m which means an increase of 8.1% comparing to the assets in 2012; this increase is partly due to capital expenditure initiated by the company in 2013, which will be also followed in the upcoming years also. However, and due to the work nature, Oula is still obtaining a large portion of its assets in the form of current assets.
In regards to the company’s results and its strategic future plans for the; Mr. Abdul Hussein Al Sultan, said, “We are proud of our accomplishments, which are the result of strenuous efforts made by our teamwork to serve the operations development and raise the service level to commensurate with the expectations of our customers.” He added, “Oula’s executive management has initiated the development of the gas stations to achieve two main goals consisting on adding new revenue sources and simultaneously more value to the company’s assets by maximizing their worth and equity. Achieving this target will require us to rely on the expertise of our professional partners who will be offering these non-oil services at the stations.”
Speaking of future strategy, Mr. Al Sultan, stated, “we aim at maximizing the investment in the infrastructure to pave the way for the modernization and development at our stations. We will work to provide suitable land space to add non-oil services in the stations, and we will communicate with the competent authorities to come up with the best and most suitable solutions which can best serve the development plan. These investments will be financed through private funds in addition to the available financial instruments, including outsourcing for financing.”
For new revenue sources, the company has taken the necessary measurements to have them implemented, such as increasing the environment friendly car wash service outlets in 5 stations post obtaining the necessary approvals from the concerned authorities; taking advantage of the land spaces at the new model stations (West of Mishref, Kabad and West of Shoaibiyyah) by adding a mini-central market, car wash service in addition to other services; collaborating with strategic partners to run the highest number possible of car service & oil exchange outlets at the stations in addition to partnering with a luxurious car service center to provide its services to Oula customers in some of stations and attracting new investors to provide their products and services at the stations what would provide a rich diversification of added values services.
Oula was able to sign agreements with a number of investors to run a series of mini-central markets in its stations, offering a range of products including: food & beverage, telecommunications’ services and a fast food restaurant, all in accordance with the activities permitted by the stations. The company will continue in its strategy to provide land spaces at its stations for international franchises i.e. Burger King- which have opened its branch at Kabad station and soon will be yet another branch at West of Shoaibiyyah station by the beginning of the second quarter of 2014. As being always the pioneer in developing the services at its stations Oula managed to increase the number of ATM machines as well as the telecom machines at stations which facilitate customers’ transactions. As for the Customers’ Service Center; Oula makes sure to provide the service around the clock what has enabled the company to receive 17 thousands phone calls during 2013 which reflects the keen interest of Oula to stay closer to its customers and listen continuously to their inquiries.
Concluding the AGM, Mr. Al Sultan thanked the customers and the shareholders who through their trust in the company have participated in accomplishing several achievements and yet more to come during 2014 and the years afterwards. He also valued the efforts of the staff who did not hesitate to provide all necessary help and support to further boost Oula’s brand, development and operations with the prime target to always meet customers’ expectations.
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Hiba Al Zouhbi