Ola Energy is one of the largest oil distributors in Kenya. The oil marketer has recently been laying off an undisclosed number of employees during these difficult times.
This is part of the company’s plan to cut costs and streamline operations. A confidential source revealed that Ola Energy has been struggling financially and has plans to sell some of some of its branches in downtown Nairobi.
“Due to the foregoing challenges, Ola Energy Kenya is finding it difficult to sustain its current fixed costs. It is, therefore, with deep regret, that we need to implement a redundancy program,” Ola said in a statement.
This is not the first time that Ola Energy has downsized the workforce. In 2019 Ola carried out a voluntary early retirement program when it had 189 employees.
Today Ola operates over 1,300 service stations across 17 counties employing more than 1500 people.
“The company is facing financial challenges and is considering selling some of its retail outlets, including those in the lower CBD,” a source revealed.
The company stated that the layoffs are part of a broader recovery plan started last year to tackle increasing expenses and slow sales. The cost-cutting initiatives being implemented are expected to expand profit margins and solidify its position in the fuel industry.
“Through this restructuring, we are committed to reversing the current trends and positioning Ola Energy Kenya for sustainable growth.”
The company is taking decisive steps towards securing the future by strengthening its position as a leading fuel distributor in Kenya by cutting costs and increasing sales.
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