Oula Fuel Marketing registered a decrease of 7.6% in profits during the fourth quarter of 2017 compared to the same period in the previous fiscal year.
Earnings shrank to KWD 449,000 ($1.5 million) in Q4-17 from KWD 486,000 ($1.62 million) in Q4-16, according to a bourse statement issued on Monday.
During FY17, Oula Fuel achieved a growth of 2.9% in profits to KWD 3.58 million compared to KWD 3.48 million in FY16.
The increase in FY17 profits is attributed to a higher income from other sources than selling fuel; this rise was registered despite the decrease in gross profits.
The board members of Oula Fuel recommended a cash dividend of 5% or 5 fils per share for FY17, the statement added.
At the stock level, Oula Fuel closed Monday’s session 0.88% lower at 112 fils.