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News Details

Chairmans’ Message
Published on
3/27/2018

Greetings….

I am pleased to welcome you all to this Annual General Meeting of Qatar Fuel (WOQOD) on behalf of myself and my fellow Board members, and I have the pleasure to present to you the 15th  Annual Report of the Board of Director, comprising a brief review of the major performance indicators of company activities, operations and projects along with the financial results for the year 2017, and WOQOD future phased and strategic plan.

As we all know, the year 2017 witnessed an oppressive blockade being launched against Qatar with the purpose of obstructing the extensive development which our State is currently witnessing.

In spite of the blockade, Qatar’s economy has proved its invincibility and resilience, and continues to out-perform the targeted growth rates, thanks to the sensible policies of the state under the leadership of His Highness the Emir.

The State achieved good growth rates that was positively and favorably reflected in the State rating (as per international rating agencies), remaining at high level, ensuring continued positive outlook on the part of international institutions.

As for WOQOD, the company has been able to steadily move ahead with the implementation of the portion it shoulders within the overall scope of the sustainable nationwide comprehensive development plan. We took the necessary measures to procure the products we used to receive from some of the blockade countries, from alternate sources. Necessary means of logistic support and alternate foreign contractual arrangements with favorable terms were already in place, enabling smooth continuous flow of these product and materials into the State.

During 2017 the company has pursued its efforts for consolidating its core activities of the distribution and marketing of Gas & Petroleum Products along with associated activities throughout the State.

All performance indicators witnessed significant increases. To achieve this, WOQOD had availed all the requisite means of logistic support and infrastructure projects, as detailed in the Board of Directors Report.

The company has an ambitious plan for increasing it’s market stake for distribution and transportation of petroleum products, natural gas, bitumen, ship bunker fuel, and other products.

This would be achieved through the implementation and operation of various projects, and concluding the necessary contracts and agreements relevant to these activities, with the support of quality systems, modern technology systems, as well as the introduction of an industry standard health, safety, security and environmental rectification/preservation system/measure.  

As regards fuel stations, arrangements for adding 30 new fixed and mobile stations were already in place in order to achieve the target of 120 gas station by the year 2020.

With respect to company financial performance for the year ended 31 December 2017, despite the blockade and the new price margins, thanks to the efforts exerted towards the implementation of efficiency and cost optimization plan which yielded very excellent results. WOQOD group net profit (excluding minority rights) amounted to 964 Million Riyals, compared to 883 Million Riyals for the year 2016. Return on a share amounted to 9.7 Riyals compared to 8.9 Riyals for last year.

Considering the above financial results and the need for major capital expenditures that have been planned for 2018 and beyond, the Board of Directors is pleased to recommend a distribution of cash dividends of QR 795.404.611 million, representing 80% of the nominal paid-up capital. This equals a distribution of QR 8 per share.

In conclusion, I would like to take this opportunity to express my profound gratitude, thanks, appreciation to His Highnesses Sheikh Tamim Bin Hamad Al-Thani, the Emir, for his unfailing continuous support, and wise guidance to WOQOD, which has had the greatest impact on the company success and prosperity.

I would also like to thank Qatar Petroleum, Ministry of Municipality & Environment, and all the officials in the public institution for their sincere efforts in supporting the company's projects and providing all possible assistance.

Thanks also to our esteemed shareholders for the trust in us and loyalty to the company, and we hereby renew our commitment to serving shareholders interests and further developing their investments, and assure our commitment to implement and abide by all Governance and legal principles in all WOQOD activities, in conformity with our status as a sole distributor of oil and gas in the country. In acknowledgement of this we hereby submit WOQOD 2017 Governance Report Showing what we have done towards the implementation of the latest Governance Code Duly issued by QFMA and published in the Official Gazette on 15.05.2017.

Last but not least, we would like to express our appreciation to the employees of the company for their dedication, loyalty and cooperation, which is reflected in the outstanding financial results. I hope they will continue to deliver and render efforts for facing all challenges in pursuit of achieving company goals for the benefit of all.

 

 

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