Mubasher: Oula Fuel Marketing posted a drop of 62.3% in profits during the fourth quarter of 2016, as compared to the same period of 2015.

Earnings decreased to about KWD 490,000 ($1.6 million) in Q4-16 from KWD 1.3 million ($4.3 million) in Q4-15, the company said in a bourse statement issued on Tuesday.

During the fiscal year, profits shrank by 13.2% to stand at KWD 3.48 million from KWD 4.01 million in FY15.

The board members recommended paying 5% cash dividends at a value of 5 fils per share for FY16, the statement noted.

At the stock level, Oula Fuel ended Tuesday’s trading session at 132 fils, after around 592,600 shares were traded at a value of nearly KWD 78,100.