Doha: Qatar Fuel Company (Woqod) yesterday announced its financial results for 2019 reporting a net profit of QR1.21bn, up 4.8 percent compared to QR1.16bn achieved in the year 2018.
The earnings per share for the period amounted to QR1.22 compared to QR1.17 for the previous year, while the net worth increased by about 4.8 percent to reach QR8.7bn compared to QR8.3bn for the year 2018.
The company’s Board of Directors held its annual meeting yesterday under the chairmanship of Ahmed Saif Al Sulaiti. The Board discussed the performance of the business operations and the financial results of Woqod Group for the fiscal year ended on December 31, 2019, compared to the results achieved in the year 2018.
The Woqod board recommended distribution of dividends to shareholders at QR0.80 per share (80 dirhams), which is to be approved by the general assembly on March 18, 2020.
The increase in net profit and earnings per share levels compared to last year was attributed to the increase in sales, combined with the efforts exerted towards cost optimization, enhancing the capability and efficiency of the Group’s business activities, reduction of general and administrative expenses and better investment and cash returns.
The Board reviewed and approved the current and future projects that the company intends to establish which are aimed at supporting the current comprehensive development process in Qatar. Saad Rashid Al Muhannadi, Woqod CEO and Managing Director, explained that the company managed to double the number of the stations in last two years i.e. in 2018 and 2019 when compared to stations built during the first fifteen years of its establishment i.e. from 2002 to 2017.
The year 2019 witnessed the completion of 30 petrol stations, most of which are operational, and the rest are in process of completing governmental procedures and approvals which are expected to be in operation by the end of the first quarter 2020.
The year 2019 has witnessed the completion of the bitumen expansion project.
