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News Details

BOD Meeting on 29/04/2018
Published on
4/30/2018

Press release

Eng. Saad Rashid Al-Muhannadi Qatar Fuel Chief Executive Officer has announced that Qatar Fuel Company Board of Directors held its third meeting for the year 2018 at 1:30 pm. on Sunday, 29/04/2018 at Qatar Fuel Tower West Bay, presided over by Mr. Ahmed Saif Al Sulaiti Chairman of the Board. The Board discussed and approved the unaudited financial statements and operational activities results of the Company during the first quarter of 2018 ending 31/03/2018.

Eng. Al-Muhannadi stated that the net profit of the company at the end of the first quarter of 2018 attributable to WOQOD shareholders amounted to QR 301 million compared to QR 176 million for the same period in 2017, with an increase of QR 125 millions, or 71%. He further went on to explain that the increase in profits is attributable to the efforts exerted to enhance efficiency in the works, activities and operations of the company, as well as the concomitant efforts to reduce expenses according to the study carried out and implemented starting First Quarter of 2017, as well as the increase in other income. He added that the operational expenses were reduced by 7% during the first quarter of 2018 compared to the corresponding period in 2017.

With regard to earning per share, Eng. Al-Muhannadi said that it had reached QR 3.03 by the end of first quarter 2018 compared to QR 1.77 for the first quarter of 2017.

Concerning the company's projects, Eng. Al-Muhannadi explained that the company's plan for 2018 aims to build 30 more petrol stations, including 10 mobile stations throughout the State of Qatar. The first quarter of 2018 witnessed the opening of two stations in Al-Wasil and the Old Salata. Furthermore a third station has just been opened  in the Thumamah area. He further announced that there are currently 17 petrol stations under construction in various parts of the country, most of them are due for completion during this year 2018.

Eng. Al-Muhannadi also said that 40 additional sites are in various stages of preparation, in order to qualify them for the construction of new petrol stations.

With regard to the company's operations, Al-Muhannadi explained that there is substantial growth in sales of most of the products. The average increase in the total sales of petroleum products was 4% compared to the first quarter of 2017, while the sales of aviation fuel alone increased by 10%, bitumen by 162.5%, butane gas by 13.6% and HFO by 100%.

Retail sales of petroleum products increased by 19% while non-oil retail sales, including Sidra stores sales, grew by 11%. He also noted that FAHES operations has increased by 1%, and the transport distance of petroleum products has witnessed an increase by 2.3%.

In conclusion, Eng. Al-Muhannadi noted that Qatar Fuel has completed its internal restructuring process according to the abovementioned study. He pointed out that Qatar Fuel intends, in line with the official directives of the State of Qatar, to raise the maximum limit for individual ownership in WOQOD share capital to 1% and raise the permissible percentage of ownership of non-Qataris to 49% of WOQOD share capital. For this end he further stressed that Qatar Fuel is currently taking the necessary legal procedures for the implementation of the new ownership percentage rates before the end of the first half of 2018, assuring that the management of the company and its Board of Directors will undertake every effort to stimulate and build a robust and sustainable downstream Oil and Gas distribution Sector within the State of Qatar through the utilization and implementation of latest international standards in furtherance of public policy objectives in modernizing general services infrastructure and utilities, and providing the best services to the State of Qatar, its citizens and residents while achieving the best results for its shareholders.

-End of Report-

 

 

 

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