Doha, 10/02/2014 -
WOQOD’s Board of Directors duly chaired by His Excellency Mr. Abdullah Bin Hamad Al-Attiyah, the Chairman, held its meeting on the afternoon of Monday the 10th of February 2014 to discuss the financial results achieved during the period ended the 31st of December 2013.
Announcing WOQOD’s financial results, Vice-Chairman and Managing Director, Mr. Mohamed Turki Al-Sobai said that the Board of Directors reviewed and approved the audited financial results achieved during this period. The Board also examined current and future projects and gave its directives.
Net profit (after excluding minority interest) exceeded QR1.216 million for the year 2013, increase by 5.75% as compared to last year. Despite the increase in capital base through issuing 25% bonus shares in 2012, earning per share (EPS) increase to QR18.72 per share as compared to QR 17.70 for the same period of 2012.
While total assets reached QR9.7 billion up by 20.45 % from last year figures, total equity recorded a growth rate of 15.47% to reach QR 6.3 billion for the same period.
Based on the achieved results for this period, and taking into considerations the current liquidity position, and funds requirement for future capital expenditures, the Board of Directors is pleased to include within the agenda of your esteemed assembly which will be held on the 4th of March 2014, a recommendation to distribute cash dividends of (QR. 649,687,500) according to a rate of 100 % of the value of the paid-up nominal capital, i.e 10 QR per share, in addition to 30% bonus shares i.e. 3 shares per 10 outstanding shares.
Mr. Al-Sobai added that WOQOD is currently involved in implementation of 17 new projects and could be summarized as follows:
During 2013, five petrol stations: Rawda Al Hamam, The Pearl, Mesaieed West, Bou Samra and Mesaieed North were commissioned. Another 4 petrol stations: Al Jumailia, Lusail, Al Thakeera, and Al Wajba are either under construction or in tendering stages and expected to be opened during the second half of the year 2014.
Other 5 projects are currently in design stages in the following areas: Al Kotaifa, Um Ghraibiah, Hamad International Airport East, Hamad International Airport West, and the New Al Rayyan. These projects are expected to be completed by the end of 2014.
As far as expansion projects for existing petrol stations are concerned, one project at Al Thayeen has been completed. Four other projects at Al-Hilal, Industrial Area, Muaither and Bu Fasila are under construction. They are expected to be completed by the end of 2014.
The project of Saudi Arabia is in the stage of tendering. WOQOD managed to obtain all the approvals and official documents from the Saudi authorities. A Saudi consulting firm has been appointed and work will start soon.
Vehicle Inspection Centers (FAHES):
Fahes technical inspection center located at Al Mamoura is totally completed and tested. The official commissioning will take place once the IT and other technical issues with the Traffic Department are finalised. The Wadi Al Banat center is near completion and expected to open in the first half of 2014.
Total sales of retail services recorded a growth record of 30% during the 2013 year as compared to previous year. These services include Sidra Convenience Store, car wash automatic and manual and workshops of tires and repairs. LPG sales also grew by 15% during the period.
Sales of Petroleum Products:
Total sales of petroleum products (Gasoline, Diesel and Jet A1) increased by 12.3% to reach about 6,452 million liters for the year 2013. Volume of sales is expected to grow dramatically once Hamad New Airport is operating. Q-Jet has completed all arrangement for the commissioning of the New Airport.
Sales of Bitumen also increased by 52% during 2013 and expected to record a high growth rate in coming months due to the new commitment of Ashghal and the new technical cooperation which is currently underway between WOQOD and Texas A&M University in the field of Modified Bitumen research. According to the findings of Texas research, WOQOD’s Bitumen is fully compliant with international standards and specifications.
Finally, Mr. Al-Sobai extended his gratitude and regard to the Chairman and members of the Board for their full support and guidance to the company which resulted in achieving this sustainable growth and remarkable profitability record.