Ola Energy accelerates growth with sharp rise in annual profit

Ola Energy, the downstream petroleum subsidiary of the Libya Africa Investment Portfolio (LAIP), reported strong financial results for 2024, with net profit rising to €34.5 million—extending its multi-year earnings growth as the company deepens its presence across the African energy market.

The results, announced at the company’s annual shareholders’ meeting on Sunday, reflect continued momentum following a net income of €29.8 million in 2023 and €11.2 million in 2022.

The steady climb underscores the impact of LAIP’s strategic focus on performance optimisation and portfolio consolidation.

Executives attributed the company’s gains to operational improvements and targeted investments, particularly in infrastructure and service delivery.

Ola Energy’s network spans 17 African countries, comprising more than 1,500 retail fuel outlets and jet fuel operations in 55 airports.

The company also operates seven manufacturing plants producing heavy-duty lubricants, a move seen as key to diversifying revenue and strengthening supply resilience.

At the annual shareholders’ meeting, participants approved the audited financial statements for the fiscal year ended 31 December 2024 and reviewed the company’s operational report.

Board members commended the leadership team for delivering on strategic objectives, citing 2024 as a year of disciplined execution and steady growth.

Looking ahead, the meeting highlighted the importance of maintaining financial discipline and operational agility amid shifting market conditions, with an eye toward unlocking further growth opportunities in Africa’s evolving energy landscape.

Ola Energy is wholly owned by LAIP, a Libyan sovereign wealth vehicle responsible for managing and expanding the country’s strategic investments across the continent.