The TIBA Petrol Station Cooperative (KOTIBA) held its 35th Annual General Meeting (AGM) at the Multipurpose Hall of Sultan Sharif Ali Secondary School in Kampong Salambigar yesterday.
The meeting saw the Chairman of KOTIBA Board of Directors Haji Rosdi Amin bin Dato Paduka Haji Yaakub delivering his welcoming remarks.
He highlighted the prevention of an incident at the KOTIBA Petrol Station following a car fire incident on August 5, thanks to the quick action of the five fuel pump attendants who extinguished the fire. The chairman also discussed the petrol station’s successful increase in petrol sales by three per cent this year.
He said with the increase in sales and absence of depreciation expense for renewing leasehold land in Serasa as in the previous financial year boosted the net profit by 40 per cent, will bring a lot of returns to shareholders.
He also highlighted a number of initiatives implemented by KOTIBA during the 2018/2019 session such as changing petrol sales strategy to credit, collaboration with the Brunei Islamic Religious Council (MUIB) on Zakat donations totalling BND300,000, and the election of KHA Architect to prepare plans for KOTIBA’s Multipurpose Hall.
Haji Rosdi Amin said that aside from managing the station’s core business operations, KOTIBA also actively carries out welfare and community responsibilities to communities living around the petrol station, in line with the main objectives of KOTIBA, which includes carrying out donations to mosques and residents who have become victims of disasters.
As KOTIBA strives to improve its business performance to the fullest, the chairman also announced an initiative that will be implemented in the near future. He said KOTIBA will study the effectiveness of management and administration that will include evaluating roles, responsibilities and preparing management leaders to bring KOTIBA forward.
The meeting was attended by KOTIBA Board of Directors members, a representative from the Cooperatives Registrar of the Ministry of Energy, Manpower and Industry (MEMI), as well as members and shareholders of KOTIBA.