WOQOD achieves QR 1.052 billion at the end of the fiscal year 2024
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 at the airports and seaports, either by itself or through subsidiary companies “QJET, FAHES & WOQOD Marine", announced that its Board of Directors had held its annual meeting at 1:30 pm. on Wednesday, January 22nd 2025, under the chairmanship of Mr. Ahmed Saif Al-Sulaiti. The meeting was held at WOQOD Tower, where the Board discussed and approved the performance of the company's business operations and financial results of WOQOD Group for the year ended 31 December 2024 as compared to the year 2023.
WOQOD Group net profit for 2024 (excluding minority rights) amounted to QR 1.052 billion, as compared to an amount of QR 984 million achieved in the year 2023, representing an increase of 7%. Earnings per share for the year amounted to QR 1.06, as compared to QR 0.99 for the past year.
Based on the company's net profits in 2024 and considering the requirements of current and future projects, the Board has recommended to the Company's Annual Shareholders General Assembly, scheduled to be held on 19th February 2025 as an original date and 23rd February 2025 as an alternative date, for approving the distribution of final dividend to shareholders worth QR 1 per share. After netting the interim dividend paid of QR 0.40 per share, the remaining final dividend amount of QR 0.60 will be distributed to the shareholder through the regulatory authority “EDAA".
The year 2024 witnessed a 6% increase in total fuel sales volume, compared to 2023. Total fuel sales reached a record high of 11.3 billion liters compared to 10.7 billion liters for the year 2023, mainly driven by the increase in the volume of sales of jet fuel and gasoline, which also recorded the highest annual sales volume in the company's history. Jet fuel sales reached 6.2 billion liters and Gasoline sales reached 3 billion liters, with an increase of 10% and 4% respectively as compared to 2023.
Eng. Saad Rashid Al-Muhannadi, Managing Director and CEO explained that the company witnessed significant improvement in security and safety levels during the year 2024 as compared to 2023, where the Loss Time Incident Frequency (LTIF) improved by 59%, while the Total Recordable Case Frequency (TRCF) improved by 19%.
In the field of the petrol stations projects, Mr. Al-Muhannadi pointed out that the construction of Al Nigyan-2 station has been completed and it will be opened in 2025. During 2025, we will also witness the completion of the construction of four petrol stations and one Fahes Vehicle Technical Inspection Center, emphasizing that WOQOD's plan for these stations' construction is based on a dynamic plan wherein stations are built on as and when required basis.
Mr. Al-Muhannadi also pointed out that WOQOD, due to its strong performance accumulated over the years, has ranked 3rd among companies listed on the Qatar Stock Exchange in the field of environment, governance, and social responsibility (ESG).
In conclusion, Mr. Al-Muhannadi pointed out the solid foundations and solid pillars on which the company is based, assuring that it will continue its efforts aimed at enhancing the benefits of its valued shareholders, by taking appropriate initiatives in development and modernization within the framework of the general policy of the state, and securing the permanent supply of fuel in accordance with the best international standards in force in the fields of health, security, safety and environmental considerations. The company will also explore external investment opportunities for international growth in line with the company approved policies.
