WOQOD achieves QR 548 million in first half 2019
Qatar Fuel Company, hereinafter referred to as (WOQOD) or "WOQOD Group" or "the Group", with code name "QFLS" on Qatar Exchange, is a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products & gas including airports and seaports. WOQOD announced its financial results for the 1st half of the year 2019 ending 30 June 2019, where the Group's net profits (excluding minority rights) amounted to QR. 548 million compared to QR. 503 million for the same period in 2018, showing an increase of QR. 45 million or 9%.
The achieved increase in profit levels is attributable to the increase in sales as well as the efforts exerted towards enhancing the capability and efficiency of the Group activities and business operations and to the reduction of General and Administrative expenses.
Earning Per Share for the period, amounted to QR. 0.55 per share compared to QR. 0.51 per share for the same period of the year 2018, also showing a 8% increase.
In respect of projects, the number of WOQOD operated fuel stations amounted to 85 stations compared to 58 stations for the same period of the year 2018. Additionally WOQOD has signed new contracts to build 29 petrol station during the second half of 2019, taking the number of stations to 114 stations by the end of 2019 which will result into doubling the number of operating stations.
The construction of new petrol stations contributed to the increase of WOQOD share of petroleum products retail distribution market to 80% at the end of the first half of 2019, compared to 62% for the corresponding period of 2018.
With regard to the Group's operations, the Group achieved 2% overall growth in total sales volumes during the period compared to the same period last year, which comprises of Jet A1 sales increased by 7%, Bitumen by 2%, LPG by 3%, Natural Gas & Compressed Natural Gas by 58% and Heavy Fuel Oil by 62%. Diesel sales volumes declined by 8%. The growth is attributable to market factors and the efficiency and promptness of the supply chain.
Retail sales volumes of petroleum products has achieved an overall increase of 29%, wherein diesel increased by 11%, Super Gasoline by 47% and Premium Gasoline by 29%, while other retail sales revenue, including Sidra stores, grew by 13%.
In conclusion, Engineer Saad Rashid Mohammed Al-Muhannadi Managing Director & CEO, noted that WOQOD has undertaken the necessary measures for splitting the nominal value of shares from QR. 10 to QR. 1 per share to comply with the requirements of Qatar Financial Markets Authority (QFMA). This will ensures adequate liquidity of its shares in the Qatar Exchange. He also noted that WOQOD is now included in two international indices viz. FTSE and MSCI. He further emphasized that the Group management and Board of Directors will exert their best efforts to maintain and consolidate the company profitability and its position as a sole downstream oil & gas distribution company in the State of Qatar, in order to achieve company vision, mission and strategic objectives as a pioneer company in the region, as well as the development of a strong, modern and robust downstream oil & gas distribution sector of international caliber in furtherance of the State of Qatar overall infrastructure modernization plan.
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This release/Announcement/Report contains forward-looking and future-based prospective statements and/or information concerning the financial condition, results of operations, activities and businesses of Qatar Fuel (WOQOD) Q.P.S.C. , hereinafter WOQOD. All statements/information other than statements/information of historical fact are deemed to be forward-looking statements/information, being statements of future expectations that are based on current expectations and assumptions and not guarantees of future performance. Such forward-looking statement/information, involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the Group to differ materially from those expressed or as may be inferred from these statements.
These and all subsequent written and oral forward-looking information incorporated in this release/announcement/report are based on estimates and opinions on the dates they are made as shown in the cover page herein and are expressly qualified in their entirety by this notice.
There are a number of factors that could affect the realisation of these forward-looking and/or future-based perspective statements such as, without limitation: (a) product margins fluctuations, (b) changes in demand or market conditions for the Group's services, (c) loss of market share and industry competition in non-concession products and facilities, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks (H) Regional instability, war, blockade, sabotage, civil commotion or any other element or circumstances outside Group's control. As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein.
WOQOD, its affiliated and subsidiary companies, its Directors, officers, partners, employees, advisors, contractors and agents shall not be liable in any way for any costs, special, direct, indirect, consequential or incidental damage, losses or other detrimental effects whether in tort, contract or quasi contract etc., resulting or arising from the use of or reliance by any party on any forward-looking, and future-based perspective statement and / or other material contained herein. Further, WOQOD, its subsidiaries, joint ventures, affiliate and associated companies are in no way obliged to update or publish revisions to any forward-looking and/or future-based prospective statement/information or any other material contained herein should circumstances or managements opinions change or which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever. WOQOD does not guarantee the accuracy of the historical statements contained herein.
WOQOD's accounting year follows the calendar year. No adjustment has been made for leap years. Values are expressed in millions of Qatari Riyals and percentages have been rounded to nearest whole number. All other values have been rounded to the nearest whole number. Values expressed in US $'s have been translated at the rate of US $1 = QR3.64, wherever applicable.
About Qatar Fuel Company (WOQOD) Q.P.S.C.
Qatar Fuel (WOQOD)Q.P.S.C. was incorporated as a Qatari joint stock company on 2nd July 2002 by an Amiri Decree law and was listed as a public shareholding company in Qatar Exchange effective from 2003. The authorised share capital is QR 1,000,000,000 divided into 1,000,000,000 shares with nominal par value of QR. 1 per share. The issued share capital is currently QR 994,255,760 shares.