Woqod Al Thumama service station
DOHA: Qatar Fuel’s (Woqod) net profit attributable to the shareholders reached QR301m for the first quarter of 2018 (Q1, 18), compared to QR176m for the same period in 2017, with an increase of QR125m, or 71 percent.
The first quarter result was announced by Saad Rashid Al Muhannadi, Qatar Fuel Chief Executive Officer, after the Board of Directors held its third meeting for the year 2018, presided by Ahmed Saif Al Sulaiti, Chairman of the Board.
Al Muhannadi said that the increase in profits is attributable to the efforts exerted to enhance efficiency in the works, activities and operations of the company, as well as the concomitant efforts to reduce expenses according to the study carried out and implemented starting First Quarter of 2017, as well as the increase in other income. He added that the operational expenses were reduced by 7 percent during the first quarter of 2018 compared to the corresponding period in 2017.
Woqod’s to earning per share reached QR3.03 by the end of first quarter 2018 compared to QR 1.77 for the first quarter of 2017. Concerning the company’s projects, Al Muhannadi explained that the company’s plan for 2018 aims to build 30 more petrol stations, including 10 mobile stations throughout the State of Qatar. He further announced that there are currently 17 petrol stations under construction in various parts of the country, most of them are due for completion during this year 2018.
Al Muhannadi said that 40 additional sites are in various stages of preparation, in order to qualify them for the construction of new petrol stations. With regard to the company’s operations, he said there is substantial growth in sales of most of the products. The average increase in the total sales of petroleum products was 4 percent compared to the first quarter of 2017, while the sales of aviation fuel alone increased by 10 percent, bitumen by 162.5 percent, butane gas by 13.6 percent and HFO by 100 percent.
Retail sales of petroleum products increased by 19 percent while non-oil retail sales, including Sidra stores sales, grew by 11 percent. He also noted that FAHES operations has increased by 1 percent, and the transport distance of petroleum products has witnessed an increase by 2.3 percent.
Al Muhannadi noted that Qatar Fuel has completed its internal restructuring process. He pointed out that Qatar Fuel intends, in line with the official directives of the State of Qatar, to raise the maximum limit for individual ownership in Woqod share capital to 1 percent and raise the permissible percentage of ownership of non-Qataris to 49 percent of Woqod share capital. For this end he further stressed that Qatar Fuel is currently taking the necessary legal procedures for the implementation of the new ownership percentage rates before the end of the first half of 2018, assuring that the management of the company and its Board of Directors will undertake every effort to stimulate and build a robust and sustainable downstream Oil and Gas distribution Sector within the State of Qatar through the utilization and implementation of latest international standards in furtherance of public policy objectives in modernizing general services infrastructure and utilities, and providing the best services to the State of Qatar, its citizens and residents while achieving the best results for its shareholders.
