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Oula Fuel Marketing Q1 profit climbs YOY

Oula Fuel Marketing Co. K.S.C. said its normalized net income for the first quarter was 802,700 dinars, a rise from 772,160 dinars in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin fell to 2.9% from 3.2% in the year-earlier period.

Total revenue rose 12.8% year over year to 27.3 million dinars from 24.2 million dinars, and total operating expenses grew 13.7% from the prior-year period to 26.7 million dinars from 23.5 million dinars.

Reported net income decreased 6.5% year over year to 968,530 dinars, or 0 fils per share, from 1.0 million dinars, or 0 fils per share.

As of June 1, US$1 was equivalent to 30 Kuwaiti fils.