Woqod Board
of Directorate held its third meeting for the year 2019
Eng. Saad Rashid Al-Muhannadi WOQOD
Chief Executive Officer has announced that WOQOD Board of Directors held its
third meeting for the year 2019 at 1:30 pm. on Sunday, 28/04/2019 at WOQOD Tower
West Bay, presided over by Mr. Ahmed Saif Al Sulaiti Chairman of the Board. The
Board discussed and approved the unaudited financial statements and the operational
activities results of the Company during the first quarter of 2019 ending
31/03/2019.
Eng. Al-Muhannadi stated that
the net profit of the company at the end of the first quarter of 2019 attributable
to WOQOD shareholders amounted to QR 327 million compared to QR 301 million for
the same period in 2018, with an increase of QR 26 million representing 9%
increase rate. He went on further to explain that the increase in profits
is attributable to the efforts exerted to enhance efficiency in the business
activities and operations of the company, as well as the concomitant efforts to
reduce expenses.
He added that the operational
expenses were reduced by 8% during the first quarter of 2019 compared to the
corresponding period in 2018.
With regard to earning per share,
Eng. Al-Muhannadi said that it had reached QR 3.29 by the end of first quarter 2019
compared to QR 3.03 for the first quarter of 2018.
Concerning the company's projects,
Eng. Al-Muhannadi explained that the WOQOD plan for 2019 aims to build and
operate 30 more petrol stations, and therefore the number of stations by the
end of this year will be 114 stations, and by then WOQOD will be more than doubling
the number of its operating, which were 52 stations in 2017, in two years only.
He added further that WOQOD plans to build another 50 petrol stations during
the period from 2020 to 2023, and thus number of the stations owned by the
company will be about 164 stations.
With regard to the company's
operations, Al-Muhannadi explained that the company achieved 3% growth in total
fuel sales, where sales of Jet A1 which increased by 9%, Bitumen by 17%, LPG by
4%, Natural Gas by 62% and Heavy Fuel Oil by 44%. The retail sales of petroleum
products increased by 30% while non-oil retail sales, including Sidra stores
sales, grew by 13%.
In conclusion, Eng. Al-Muhannadi acknowledges
that the management of the company and its Board of Directors will exert every
effort to support building 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.
