WOQOD achieves QR 1,070 million at the end of the fiscal year 2022.
Qatar Fuel Company Q.P.S.C., hereinafter referred to as (WOQOD) or “WOQOD Group" or “the Group", with code name “QFLS" on Qatar Exchange, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products, including airports and seaports, either by itself or through subsidiary companies “QJET, FAHES & WOQOD Marine", announced that its Board of Directors held its annual meeting at 1:30 PM on Wednesday, January 18th 2023, under the chairmanship of Mr. Ahmed Saif Al-Sulaiti. The meeting was held at WOQOD Tower, where the Board discussed and approved – inter alia- the performance of the company's business operations and financial results for the year ended 31 December 2022
Mr. Saad Rashid Al Muhannadi CEO&MD informed the Board that WOQOD Group net profit for 2022 (excluding minority rights) amounted to QR 1,070 million, as compared to an amount of QR 974 million achieved in the year 2021, representing an increase of 10%. Earnings per share for the period amounted to QR 1.08, as compared to QR 0.98 for the past year, while Shareholders Equity increased to reach QR 9.2 billion as compared to QR 9.0 billion for the year 2021. The increase in net profit and earnings per share was attributed to the increase in the volume of sales, in addition to the continuation in implementation of the policy of rationalizing costs and enhancing efficiency.
The year 2022 witnessed an 11% increase in total sales volume, as compared to 2021, where retail fuel sales through WOQOD stations increased by 9%, LPG sales increased by 14%, jet fuel increased by 20%, and bunker fuel increased by 27%. The increase in the sale volumes has led the company to achieve a record high revenue of QR 30 billion.
The Board reviewed and approved the current and future projects that the company plans to establish, whereby the company has opened 4 APC centers, 8 Sidra Convenience Stores, and 11 new petrol stations, thus increasing the number of operating stations to 126 at end of 2022. Mr. Saad Rashid Al-Muhannadi explained that the company has a dynamic plan for the construction of new petrol stations, which will be periodically reviewed according to the demand conditions and the need for petrol stations.
Mr. Al Muhannadi indicated that WOQOD started the installation of 37 EV chargers at 22 petrol stations in 2022, with charging points already installed in 5 stations, stressing that the EV installation operations will continue at other stations to keep pace with developments in the EV segment, as well as to optimize revenues and utilize infrastructure spread across the State of Qatar. WOQOD also launched its green initiatives in conjunction with the Qatar Vision 2030 for Sustainable Development, where 2 WOQOD stations have been equipped with alternative sources of electricity generation from solar energy, while the works on the third station is progressing rapidly, and the company is planning to expand the project in the future.
In consideration of the expansion of the petrol stations construction as mentioned above, the share of WOQOD in the petroleum retail market reached to about 86% in the year 2022.
Mr. Al Muhannadi further explained that WOQOD has performed all its commitments towards the World Cup in cooperation and coordination with the relevant authorities in the best way through the establishment of many infrastructure and logistical support projects, with all such commitment being performed according to the highest levels and standards of security and safety.
Based on the company's profits in 2022 and taking into account the requirements of current and future projects, the Board has recommended to the Company's Annual Shareholders General Assembly, scheduled for 15 February 2023, to approve a Dividend distribution to shareholders of QR 0.90 QR per share.
On the other hand, Mr. Al- Muhannadi indicated that WOQOD Board reviewed the steps taken regarding the membership elections of the Board of Directors for 2023-2025 session, and the list of candidates equals the required four seats and decided to submit the list to the concerned authorities, and to WOQOD General Shareholder Assembly scheduled to be held on 15 February 2023 to declare winning by acclamation or otherwise take the appropriate resolution.
In conclusion, Mr. Al-Muhannadi assured that WOQOD Group will exert all efforts to maintain and enhance the service levels, continue to focus on the efficiency improvement and operational excellence, and take all other viable measures in furtherance of the Group profitability and the achievement of its vision, mission and strategic goals as a pioneer downstream oil and gas company, and to build a modern, robust and state-of-the-art petroleum products distribution sector within the country, in order to keep in pace with the general policy of the State of Qatar in the modernization of infrastructure facilities, and to provide the best services according to the best QHSSE standards, and achieve the best results for its valued shareholders.
