Eng. Saad Al-Muhannadi
Chief Executive Officer of Qatar Fuel (WOQOD) stated that the net profit of the
company at the end of the first half of 2018 (excluding minority rights) amounted
to QR 503 million compared to QR 373 million for the same period in 2017, with an
increase of QR 130 million representing 35% increase rate.
He pointed out that the comparison of the second
quarter of the year 2018 alone with the same period last year 2017 indicates a
3% increase of profits. The profits of the second quarter of the year 2018
amounted to 202 million riyals compared to 197 million for the second quarter
of the year 2017.
He further went
on to explain that the increase in profits is attributable to the efforts exerted
to enhance capability and efficiency of the company’s business activities and
operations pursuant to an optimization study duly carried out and implemented effective
from the first half of 2017. He added that the operational costs and expenses
were significantly reduced during the first half of 2018 resulting in the
achievement of 72 million riyals of additional income.
attributed the increase of net profits for the first half of 2018 to the
optimum utilization of company owned infrastructure projects and means of
logistic supports comprising vessels, storage tanks, tanker trucks and other facilities.
Eng. Al-Muhannadi further stressed that the efficient management of investments
enabled the company to achieve significant growth in investment revenues.
With regard to
earning per share, Eng. Al-Muhannadi said that it has reached QR 5.06 by the
end of the first half of 2018 as compared to QR 3.75 for the first half of
In respect of company projects,
Eng. Al-Muhannadi said that, the first half of the year 2018 witnessed the
completion and operation of six (6) new stations including one mobile station
namely; Al Eqla station in Lusail, Al Thameed station of Al Refaa, Al-Tumama
station on the “F” ring road, Mowater City station on Saalwa road, New Eslatah
station and a mobile station on the ring road at Al –Mazrooaa. The total
stations currently operated by WOQOD are (60) stations.
He further added that 26 more petrol
station are currently being built by WOQOD. It is anticipated that many of
these stations will be completed and fully operated by the end of this year.
In the field of the
company’s projects Mr. Al-Muhannadi further stated that the Bitumen Facilities
project under construction by WOQOD within Mesaied Industrial City is in the
final stage of completion.
On the other hand, Engineer
Al-Muhannadi explained that WOQOD, is in pursuit of its role as an excellent service
provider by enhancing customer satisfaction and rendering its services to them
in a smooth and convenient manner, by adding more dispensers within its new
stations under construction. This has a positive effect in saving customer’s
time and effort. WOQOD customer satisfaction objective prompted it to operate
mobile stations as and where the need arises for such service, particularly in areas
where there is a private petrol station close out.
With regard to the
company's operations, Al-Muhannadi explained that sales volumes grew for most of the
products. The average
increase in the total sales volumes of petroleum products was 1.1% in
comparison with the first half of 2017. Jet fuel increased by 9.2%, bitumen
by 65.7%, LPG gas by 13.6% and sales volumes for HFO increased by 100% rate as compared to same period last year.
Retail sales volumes of
petroleum products increased by 13.2% while non-oil retail revenue including Sidra Stores
grew by 7.2%. He also noted that FAHES revenues increased by 15.6% compared
to the first half of 2017.
In conclusion, Eng. Al-Muhannadi
noted that, WOQOD raised the maximum limit for individual ownership in WOQOD
share capital to 1% and raised the permissible percentage of ownership of
non-Qataris to 49% of WOQOD share capital. Towards this end, he further
stressed that Qatar Fuel has completed the necessary legal procedures for the implementation
of the new ownership percentage rates. He further assured 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.