Qatar: Woqod Achieves $195.60mln Net Profit for Nine Months
Doha, Qatar: Qatar Fuel Company, hereinafter referred to as (Woqod) or “Woqod Group” or “the Group”, with the code name “QFLS” on Qatar Stock Exchange, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products and gas within State of Qatar including airports and seaports, announced that its Board of Directors chaired by Ahmed Saif Al Sulaiti approved the financial results and key performance and operational indicators of Woqod Group for the nine-months period ended on 30 September 2023 compared to the financial and operational results for the same period of 2022.
The Board also approved the Group Capital and Operational Budget for the year 2024.
Woqod Group’s consolidated net profit (attributable to the shareholders of Woqod) for the period ended 30th September 2023 amounted to QR712m, compared to an amount of QR763m achieved for the same period of 2022, showing a decrease of QR51m, representing a decrease rate of 7%. The earnings per share for the period amounted to QR0.72 per share compared to QR0.77 for the same period last year.
The decrease in net profit and earnings per share was due to supply and demand factors for petroleum products during the report period.
In the field of the petrol stations projects, Saad Rashid Al Muhannadi, Managing Director and CEO, pointed out that the petrol stations operated by the company are currently 117 stations.
He also explained that the company intends to add another station before the end of this year, bringing the number to 118 stations, stressing that Woqod’s plan in stations construction is a dynamic plan whereupon the stations are built on as and when basis i.e.as per the current and future requirements to build/avail a petrol station. He further explained that the company has completed installation of 26 Electrical Vehicle Chargers EVC in 19 petrol stations in cooperation with Kahramaa, in addition to Woqod studying several other options in order to increase the income from non-petroleum products segments, which will be applied during the current
year.
In conclusion, Al Muhannadi indicated that the Cabinet has approved the renewal of Woqod’s Concession for an additional five (5) years, indicating that Woqod Group will continue deploying all efforts in enhancing the benefits of its shareholders and all stakeholders, by taking appropriate initiatives in developing the petroleum products distribution sector within the framework of the State of Qatar general policy of modernization, development, strengthening the pillars of the country’s national economy and securing the permanent supply of fuel in accordance with the best international standards in the fields of health, security, safety and environmental considerations.
Source : Zawya
