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
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-