Doha: Qatar Fuel Company, (Woqod), which has an exclusive concession to distribute, sell, transport and market refined petroleum products and gas within the State of Qatar, has reported a consolidated net profit attributable to shareholders of QR691m for the period ended September 30, 2021, an increase of 61 percent or QR262m, compared to QR429m achieved during the same period in 2020. The Group’s earnings per share stood at QR0.69 per share compared to QR0.43 for the same period last year.
Woqod’s Board of Directors which was chaired by Ahmed Saif Al Sulaiti, has approved the financial results, key performance, and operational indicators of Woqod Group for the first nine months of the year. The Board also approved the Group Capital and Operational Budget for the year 2022.
Woqod’s increase in net profit and earnings per share was due to a noticeable improvement in the performance of most of the Group’s activities and revenues in conjunction with the economic recovery from the COVD-19 pandemic, coupled with the efforts exerted towards implementing the approved optimisation policy in the Group’s business.
In the field of the petrol stations projects, Saad Rashid Al Muhannadi, Managing Director and CEO of Woqod, pointed out that year to date, the company has opened 5 new petrol stations, bringing the number of stations operated by the company to 110. Further, the company plans to add 1 more station before the end of the year, taking the number of stations to 111. The company also plans to build and operate an additional 11 petrol stations before the FIFA World Cup Qatar 2022 kick-off so as to have 122 stations. As a result of the increase in petrol stations, Woqod’s market share has reached 85 percent in the retailing of fuel products and this is expected to grow in the upcoming years.
In conclusion, Al Muhannadi indicated that Woqod Group has been closely monitoring the developments of the COVID-19 pandemic and has been working with its partners in combating the spread and limiting the negative effects of COVID-19.
Woqod has issued and applied a suitable, flexible and effective business plan to ensure the continuity of its activities on regular basis and in line with the health, safety, security and as per the prevalent sanitation standards in force in the Oil and Gas industry.
