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WOQOD Net Profit for 2018 Amounted to 1,160 Million Qatar Riyals
Published on
2/26/2019

WOQOD Net Profit for 2018 Amounted to 1,160 Million Qatar Riyals

WOQOD Chief Executive Officer, Engineer Saad Rashid Al-Muhannadi announced that Qatar Fuel (WOQOD) Board of Directors, chaired by Mr. Ahmed Seif Al-Sulaiti, convened its meeting at 01:30 pm on Monday 25 February 2019, in WOQOD Tower, West Bay. The Board reviewed the financial results achieved by the company during the financial year ended 31 December 2018 and approved the said results.

Engineer Al-Muhannadi revealed that WOQOD net profits for the year 2018 (excluding minority interests) amounted to 1160 Million Riyals, compared to 964 Million Riyals achieved in the year 2017, representing an increase of 20% from the preceding year 2017. Earning per share (EPS) amounted to QR. 11.7 compared to 9.7 Riyals per share for the preceding year.

Shareholders equity increased by about 12% to 8.3 Billion Riyals for the said year, compared to QAR 7.4 Billion for the year 2017.

Engineer Al-Muhannadi added that good results achieved in net profits and return per share are attributable to the measures taken for the enhancement of efficiency and capability in company business activities and operations, and to the efforts exerted towards cost reduction through a multi- initiative and integrated cost optimization policy started in the year 2017 through 2018 and still being implemented in a phased manner.

Engineer Al-Muhannadi further announced that, in line with the financial results achieved, the Board of Directors issued a recommendation included in the agenda for the Annual General Assembly Meeting to be convened in the evening of the 25th of March 2019, for distribution of dividends amounting to 8 Qatari Riyal per share, resulting in total dividend payout of Qatar Riyals 795 Million equivalent to 80% of the nominal paid share capital.

The recommendation has taken into account the present liquidity status and future fund requirements for capital projects approved for the year 2019, and thereafter.

Engineer Al-Muhannadi went on to say that, the Board has reviewed the current and future projects intended for implementation by the company in support of the comprehensive infrastructure development policy currently under implementation in the State of Qatar. Fuel Service stations currently operated by WOQOD amounted to 84 stations by the end of the year 2018, where another 32 stations were added throughout the State of Qatar. The company will build 30 additional fuel stations in the year 2019. WOQOD will thus be doubling the stations built since its incorporation in 2002 only in 2 years.

WOQOD has not only limited its efforts in building new stations in the year 2018 but has gone further with the enhancement of the capability and efficiency of stations by increasing the number of dispensers in the stations currently under construction by 61%, thus availing an adequate  service to its customers.

He went on to say that, WOQOD will continue to add new dispensers during the year 2019 and thereafter, in order to reduce the congestion and queue of vehicles at fuel stations resulting from the closure of many private stations.

He further emphasized that in pursuit of its role for serving the country and the community, WOQOD would not hesitate to build fuel stations at any location and at any time in case of availability of land and the need for the project,

With regard to the Bitumen Facilities Expansion Project, the Bitumen tanks providing 15000 M.T. of storage capacity have already been completed. This expansion will allow WOQOD to retain its market share and deliver the product to customers in a timely manner and for a competitive price, and will also contribute to the optimization of costs of the storage services on board ships. The remaining parts of the project will be finalized by the coming April 2019.  

As for WOQOD Technical Inspection company “FAHES”, the company has added Al Shahania permanent center along with another temporary center to its network. In the year 2018. Hence the current total operating centers reached twelve (12) centers including five (5) mobile centers. Al Mazrooaa center will be added in the few coming months, and the center at Mowater city will follow at a later stage.

 On the field of company operation during the year 2018, he highlighted the increase realized in the volume of distributed petroleum products in comparison with the year 2017, where sales of various types of fuels have witnessed a 4.2% increase. Bunker fuel sales increased by 185.7%, whereas butane gas realized an increase of 12.7%. Quantities of fuel retail sales volume increased by 14%, whereas nonfuel retail sales have shown a 3.6% increase of revenues. This increase resulted from the opening of more new fuel stations operated by the company. WOQOD stake of retail market has accordingly increased to 70% in comparison with 58% for 2017.

WOQOD is endeavoring to increase its stake in retail market to reach 85% by the end of the year 2020 after the opening of more new stations. WOQOD Vehicle Inspection Company “FAHES” realized a 56% improvement in comparison with the year 2017. Sales of bitumen and bituminous product have seen a slight decline of 5.9% in comparison with the year 2017, the decline has been driven by supply and demand factors.

The company has an ambitious plan to ensure sustainable increase of its stake of the market for distribution and transportation of petroleum products, gas, bitumen and bunker fuel. 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 control systems, modern technology systems, as well as the introduction of the highest health, safety and security systems together with environmental maintenance/ preservation measures. In line with the foregoing, in 2018 WOQOD has renewed Petroleum Products including Jet Fuel Sale and Purchase Agreements with Qatar Petroleum for an additional period of 5 years, as well as renewal of Vehicle Technical Inspection contract with the Ministry of Interior for the same period. Bunker Fuel (HFO) Sale and Purchase Agreement has been signed for a validity period of two years.

The steps for renewal of WOQOD concession for 5 years has advanced further after the endorsement of the Council of Ministers to the same.   

Engineer Al-Muhannadi reviewed the steps taken by WOQOD in the field of Qatarization to which the company accorded paramount importance. He explained that the company has a strategic plan for recruiting and retaining capable and qualified Qatari employees and prepare them for joining the leadership team. A number of students are now pursuing their studies on scholarships funded by the company in specializations consonant with WOQOD business requirements. There are other Qatari employees undergoing training with the objective of recruiting them in different target positions. Qatarization amounted to 39% within the senior staff category, and the vast majority of the higher management team are from Qatari competencies.

Emphasizing that, the company management and Board of Directors will exert all efforts to realize company strategic vision for provision the best services to the country, the citizens and the residents, Engineer Al-Muhannadi thanked all concerned parties for their unfailing support to WOQOD in furtherance of the realization of its objectives and the implementation of its vital projects.   

 

 

 

 

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