Mubasher: The financial statements of Oula Fuel Marketing Company showed an increase in net profits by 1.4% over the fiscal year ended on 31 December 2019 at KWD 3.86 million ($12.71 million) as compared to KWD 3.81 million ($12.51 million) in 2018.
The company attributed the higher profits to a rise in non-fuel income, according to a stock exchange filing on Tuesday.
In the fourth quarter (Q4) of last year, the fuel marketing firm achieved KWD 181,409 worth of profits, down by 31.9% from KWD 266,353 in Q4-18.
During its meeting, the board of directors recommended a cash dividend distribution of KWD 2.02 million or five fils per share for 2019, representing 5% of the share’s nominal value.
It is worth noting that in the first nine months of 2019, profits grew by 4% to KWD 3.685 million, compared with KWD 3.543 million in the same period in 2018.
