The Libya Africa Investment Portfolio (LAIP) reported Thursday that its rebranded Ola Energies petrol stations subsidiary (formerly Oil Libya) achieved record profits in 2023.
LAIP said its OLA Energy subsidiary is Africa’s leading energy retailer, marking a successful year for the pan-continental company. This achievement highlights OLA Energy’s role in transforming mobility across the continent, it added.
LAIP reported that the company achieved a €49 million increase in sales compared to the previous year, resulting in net profits after taxes of €46.5 million.
It said OLA Energy’s ‘‘remarkable ascent’’ can be attributed to LAIP’s tireless efforts on the company’s behalf. Implementing a multi-pronged strategic roadmap, LAIP empowered OLA Energy with fresh leadership through a revamped board of directors and fostered accountability through an established oversight committee. The committee’s recommendations, focused on improving efficiency and operations, are being actively implemented.
LAIP commended the board of directors at OLA Energy for their continuous efforts in monitoring and guiding the company’s activities. Their consistent oversight and strategic counsel were instrumental in driving positive results. Coupled with streamlined operations and optimised administrative costs, the board’s leadership created a winning formula for success. OLA Energy’s success, LAIP added, comes despite facing challenges like political tensions and conflicts in countries like Sudan and Niger.
Additionally, currency fluctuations negatively impacted the company by €15.4 million due to the depreciation of local currencies against foreign currencies. Furthermore, fines imposed by the Moroccan Competition Council for the period 2019-2021 were settled in 2023.
Despite these hurdles, OLA Energy’s robust performance solidifies its position as a major player in Africa’s fuel distribution sector, LAIP explained.
LAIP reminded that Ola Energy boasts over 1,300 service stations across 17 African countries, over 60 fuel terminals and presence in over 50 Airports across Africa, 8 blending plants, and numerous fuel depots.
LAIP said these remarkable results demonstrate OLA Energy’s resilience and ability to thrive even amidst challenges. The company is well-positioned for continued success and growth in the years to come, it concluded.
