WOQOD achieves QR 226 million at the end of the First Quarter of the
year 2020
Qatar Fuel Company, hereinafter referred to as (WOQOD) or
“WOQOD Group” or “the Group”, with 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 Qatarو including airports
and seaports, either by itself or through subsidiary companies
“QJET, FAHES & WOQOD Marine”, announced that its
Board of Directors had held its Second meeting for the year 2020 at 1:30 pm. on
Wednesday April 15th 2020 under the chairmanship of Mr. Ahmed Saif
Al-Sulaiti. In order to comply with governmental restrictions issued to combat
the spread of Corona Virus (COVID-19), the meeting was held remotely through
the utilization the Video Call facility. The Board
discussed the performance of the business operations and the financial results
of WOQOD Group for the First Quarter of the year 2020 ended on 31 March 2020,compared
to the same results achieved in the corresponding period of the year 2019.
WOQOD Group net profit for the period (excluding minority rights)
amounted to QR. 226 million, compared to an amount of QR. 327 million achieved
in the same period in the year 2019, with a decrease of QR. 101 million,
representing a decrease rate of 31%. The earning per share for the period
amounted to QR. 0,23 compared to QR. 0,33 for the same period of last year 2019.
The decrease of the net profits and earning per share for the period were
partly attributed to the market slow down prompted by COVID-19 spread and
partly to supply and demand factors, where the completion of many projects that
consume fuel had brought in a pro rata decrease in the overall fuel demand.
With regard to the company's operations, WOQOD MD&CEO Mr. Saad Rashid
Al-Muhannadi explained that the company overall sales decreased by 6.0% as
compared to the same period of last year driven by the COVID-19 impact. Diesel
and Super Gasoline sales decreased by 8.0% and 7.4% respectively, Jet fuel
volumes decreased by 6.4% driven by the reduced operations of Qatar Airways and
partial operations of Private Airlines. Bitumen sales has decreased by 65.0%
driven by market situations and the completion of the consuming projects.
On the other hand Al-Muhannadi explained that premium gasoline sales
increased by 0.9%, retail non-fuel revenue and fuel retail sales increased by
5.8% and 3.5% respectively as compared to the same period of the last year
driven by the opening of new stations and higher footfall in C-stores. HFO
offtake increased by 39.5% driven by market demand, LPG and Natural Gas sales
were higher by 3.1% and 22.8% respectively driven by market demand.
In conclusion, Al-Muhannadi indicated that WOQOD has been working
closely with its partners and stakeholders to coordinate the implementation all
the governmental directives issued in furtherance of combating the spread of
COVID-19 and at the same time, being the sole downstream oil and gas company
responsible for securing a continuous and sustainable supply of petroleum
products and gas to all sectors within the State of Qatar, has issued and
implemented a suitable, elastic and resilient business continuity plan that
could effectively secure a persistent nonstop countrywide distribution of these
vital energy products.
