DOHA: Qatar Fuel (Woqod) has posted a net profit of QR503m for the first six month of this year (H1, 2018), up 35 percent, or QR130m, compared to QR373m reported for the corresponding period last year.
Saad Al Muhannadi Chief Executive Officer of Woqod noted that the comparison of the second quarter of the year 2018 alone with the same period last year 2017 indicates a 3 percent increase of profits. The profits of the second quarter of the year 2018 amounted to QR202m compared to QR197m for the second quarter of the year 2017.
He further went on to explain that the increase in profits is attributable to the efforts exerted to enhance capability and efficiency of the company’s business activities and operations pursuant to an optimisation study duly carried out and implemented effective from the first half of 2017. He added that the operational costs and expenses were significantly reduced during the first-half of 2018 resulting in the achievement of QR72m of additional income.
He further attributed the increase of net profits for the first-half of 2018 to the optimum utilisation of company-owned infrastructure projects and means of logistics support comprising vessels, storage tanks, tanker trucks and other facilities.
Al Muhannadi further stressed that the efficient management of investments enabled the company to achieve significant growth in investment revenues.
With regard to earning per share, he said that it has reached QR5.06 by the end of the first-half of 2018 as compared to QR3.75 for the first-half of 2017.
In respect of company projects, Al Muhannadi said that, the first half of the year 2018 witnessed the completion and operation of six new stations including one mobile station namely; Al Eqla station in Lusail, Al Thameed station of Al Refaa, Al Tumama station on the F-Ring road, Mowater City station on Saalwa road, New Eslatah station and amobile station on the ring road at Al Mazrooaa. The total petrol stations currently operated by Woqod have grown to 60.
He further added that 26 more petrol stations are currently being built by Woqod. It is anticipated that many of these stations will be completed and fully operated by the end of this year.
In the field of the company’s projects Al Muhannadi further stated that the Bitumen Facilities project under construction by Woqod within Mesaied Industrial City is in the final stage of completion.
He also said that Woqod is in pursuit of its role as an excellent service provider by enhancing customer satisfaction and rendering its services to them in a smooth and convenient manner, by adding more dispensers within its new stations under construction. This has a positive effect in saving customer’s time and effort. Woqod customer satisfaction objective prompted it to operate mobile stations as and where the need arises for such service, particularly in areas where there is a private petrol station close out.
With regard to the company’s operations, Al Muhannadi explained that sales volumes grew for most of the products. The average increase in the total sales volumes of petroleum products was 1.1 percnet in comparison with the first half of 2017. Jet fuel increased by 9.2 percent, bitumen by 65.7 percent, LPG gas by 13.6 percent and sales volumes for HFO increased by 100 percent rate as compared to same period last year.
Retail sales volumes of petroleum products increased by 13.2 percent while non-oil retail revenue including Sidra Stores grew by 7.2 percent. He also noted that FAHES revenues increased by 15.6 percent compared to the first half of 2017.
