KUWAIT CITY, April 26: Oula Fuel Marketing Company has approved on Thursday during its Extraordinary General Assembly Meeting to raise the company’s capital from KD 32,969,919.950 to KD 34,618, 415.945 distributed on 346,184,158 shares with a value of Fils 100 per share.
Alongside the capital increase, the company also approved the amendment to Article 7 of the article of association and clause 6 to a previously modified capital. Oula Fuel Marketing Company Chairman Abdulhussain Al Sultan who presided the general assembly at the company’s headquarters in Sharq cited that the increase in the company’s capital is part of their strategic expansion plans.
“The suggestion to increase the company’s capital stems from Oula’s mission to strategically expand locally in order to provide a wide range of services that matches our customers’ needs as well as to develop existing stations based on principles of high quality and safety,” he explained.
Al Sultan who was joined by Oula Managing Director Hamzah Bakhash, representatives of an audit firm and the Ministry of Commerce respectively, announced before its shareholders the company’s profits for the fiscal year ending on Dec 31, 2011 during its Annual Ordinary Assembly Meeting held on April 9, 2012, posting a net profit of KD 4,059,055 and resulting in Fils 12.41 Earnings per Share (EPS) which is 41% higher than the EPS registered in 2010.

The company’s total assets amounted to KD 55,393,711 recording an increase of 18% over last year while the company revenue has increased by 11% during 2011 and enhanced efficiency of operations resulted in improving gross profit by 34%.
“The company’s profits recorded in 2011 is the result of great efforts exerted by the company’s internal workforce in applying the new management’s strategy which is primarily based on improving operational efficiency, boosting productivity and enhancing profitability which eventually led to increasing the profit margin and positioning it as a leader in the Kuwait market,” pointed out Al Sultan. He then thanked their customer and shareholders for their continued confidence in the company as it continues to provide the best services to the public.
“Oula is proud of the confidence of its shareholders and customers in its performance and strategic approach. On behalf of Oula, I would like to thank them and promise to continue on our path to achieve their interests and develop their investments through transparent and well structured strategies,” expressed Al Sultan.

He outlined the company’s numerous strategic accomplishments on the operational level such as the completion of the Facelift Project in four additional stations, bringing the number of stations to 19 that have undergone facelift since the project was launched in 2010. He added that the company is preparing for the launch of the new stations in Kabed and Shuiaba, awaiting the issuance of necessary permits by the authorities while the company has completed phase 1 of renovation work at Bayan station which started its operations in January this year. The company also expects to obtain seven licenses during the first quarter of 2012 for the major renovation of seven more stations.
Among Oula’s string of accomplishments in 2011 are the completion of the installation of Automatic Tank Gauging (ATG) system in all of its stations, making it the first fuel retailer in Kuwait to use such an advance system; the successful introduction of a new filling system in 19 stations with retractable hoses, that allows filling of vehicles regardless of the location of the filling point thereby easing traffic and making the process of filling more convenient for its customers; the implementation of wireless payment terminals in all of its stations, making it the first fuel company in Kuwait to use such system; and lastly, the complete replacement of all IT equipment and point of sales in all stations to better serve its customers.

In addition to its accomplishments, Oula remains fully committed to Health Safety and Environment (HSE) as highlighted in the evaluation conducted by the American Society of Safety Engineer (ASSE) – Kuwait Chapter during the competition of 63 companies in the GCC. The Kuwait National Petroleum Company (KNPC) appointed agency (DNV) awarded Oula with the certification to operate fuel service stations. In line with this, Oula has also conducted 146 structured and scheduled site visits to all company sites.
To be at par with global standards, Oula has started implementing a new structure in its internal restructuring and corporate governance that was developed by an international consultant. It has also introduced a performance monitoring technique that uses the BSC approach.

Moreover, an internal audit exercise by a specialised international firm was conducted based on risk assessment criteria. Oula has maintained a 100% Kuwaitization of supervisory staff in its stations and achieved 61% Kuwaitization in its head office. Currently, there are 93 Kuwaiti nationals in the company in collaboration with the Workforce Restructuring program and the Executive branch of State.
Oula has also energized its Corporate Social Responsibility program by continuously giving back to the communities it serves as shown by its various projects, sponsorships of graduation project for a number of engineering students in Kuwait University and some private colleges and organising events such as the Ramadan event in Hussain Makki Jumma Center for the children with cancer, beach clean-up in association with ASSE and participating in the activities organised by the Kuwait House of National Works.