Ola Energy, one of the largest oil marketing companies (OMCs) in the country, has announced that it is currently restructuring its Kenya operations, which will including declaring staff redundancies and enhancing sales.
- •The company said that it has found it difficult to sustain its current fixed costs, pushing it to embark on a “strategic business restructuring process aimed at significantly enhancing its profitability and market share in Kenya.”
- •Ola Energy, previously known as Oil Libya, is Kenya’s fourth largest oil marketing company (OMC), a position it has retained for years.
- •Ola Energy’s statement did not disclose how many staff members would be affected, but said that the process would be “managed with utmost sensitivity.”
“During the past year, Ola Energy Kenya initiated a rescue action plan with several initiatives to turnaround the trajectory the company was taking, including increasing sales and reducing costs,” the company said in a statement on Wednesday.
The company said that it has found it difficult to sustain its current fixed costs, pushing it to embark on restructuring.
As of June 2024, Ola Energy held 7.06% market share, according to EPRA statistics, making it one of the top five OMCs in the country.
