WOQOD achieves QR 482 million at the end of the First Half of the year 2024
Qatar Fuel Company, hereinafter referred to as (WOQOD) or “WOQOD Group" or “the Group", with the code name “QFLS" on Qatar Stock Exchange, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products & gas within State of Qatar including to airports and seaports, either by itself or through subsidiary companies “QJET, FAHES and WOQOD Marine", announced that its Board of Directors chaired by Mr. Ahmed Saif Al-Sulaiti approved the financial results of WOQOD Group for the First Half ended on 30 June 2024.
WOQOD Group's net profit for the period (excluding minority rights) amounted to QR. 482 million, compared to an amount of QR. 440 million achieved in the same period of the year 2023, with an increase of QR. 42 million, representing an increase rate of 9.5%. The earnings per share for the period amounted to QR. 0.48 share compared to QR. 0.44 for the same period of last year.
The increase in net profit and earnings per share was due to the increase of sales volume and other income.
On the other hand, Mr. Saad Rashid Al Muhannadi, CEO and Managing Director, indicated that the Board of Directors, according to Article 47 of the Articles of Association, and Circular No. 5 of 2024, issued by the Qatar Financial Markets Authority on 04/07/2024, decided to distribute interim cash dividends at the rate of QR. 0.40 per share, and that the dividend entitlement will be to the shareholder who owns the share on the seventh working day from the date of issuance of the resolution, that is, at the close of the trading session on Sunday, 11/08/2024, and Edaa will manage the interim cash dividend distribution.
Al-Muhannadi also explained that the total fuel sales volume for the period have increased by 10% compared to the same period of the year 2023, driven by the increase in Jet fuel sales by 16%. As for the petrol stations project, Al-Muhannadi explained that it is expected that another station will be added in the third quarter of 2024.
Al-Muhannadi also mentioned that the construction of petrol stations is a dynamic exercise, that WOQOD, in cooperation with KAHRAMAA, has completed installation of 25 EV charging points at 19 petrol stations, as well as working on many initiatives to improve the non-fuel revenue during this year.
In conclusion, Al-Muhannadi indicated that WOQOD Group will move forward in enhancing the benefits of its valued shareholders and all stakeholders by taking appropriate initiatives in developing the downstream oil and gas sector within the framework of the State's general policy of modernization and development and strengthening the pillars of the country's national economy.
