Doha, Qatar • 29 April 2024
WOQOD achieves QR 243 million at the end of First Quarter of 2024
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 Qatar, including airports and seaports, either by itself or through subsidiary companies “QJET, FAHES & WOQOD Marine", announced that its Board of Directors had held its Third Meeting for the year 2024 at 1:30 pm. on Monday April 29th 2024 under the chairmanship of Mr. Ahmed Saif Al-Sulaiti. The Board discussed the performance of the business operations and the financial results of WOQOD Group for the First Quarter of the year 2024 ended on 31 March 2024, compared to the results achieved in the corresponding period of the year 2023.
WOQOD Group net profit for the period (excluding minority rights) amounted to QR. 243 million, compared to an amount of QR. 223 million achieved in the same period in the year 2023, with an increase of QR. 20 million, representing increase rate of 9%. The earnings per share for the period amounted to QR. 0.24 compared to QR. 0.22 for the same period of last year. The increase in net profit and earnings per share compared to the same period in 2023 was driven by the increase in sales volumes.
In respect of petrol stations project Saad Rashid Al-Muhannadi Managing Director & Chief Executive Officer indicated that the company will add a new petrol station during the first half of 2024.
Al Muhannadi also explained that till the first quarter of 2024, the company managed to install 25 electric charging points in 19 petrol stations in coordination with KAHRAMAA. He further explained that WOQOD has a dynamic plan in the construction of the new petrol stations that is being reviewed periodically according to the conditions of fuels demand and the need for fuel stations.
In conclusion, Al-Muhannadi assured that WOQOD's concession has been renewed for an additional five (5) years and that the vehicles technical inspection contract between FAHES and the Ministry of Interior, represented by General Directorate of Traffic, was also renewed for a similar period. He also indicated that during the coming period the company intends to work on a set of new initiatives to develop its non-petroleum activities in order to enhance the revenue from this sector, pointing out that WOQOD Group will exert all efforts to 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 an exclusive downstream oil and gas distributor, and to build a modern, robust and state-of-the-art petroleum products distribution sector within the country, in order to keep pace with the general policy of the State of Qatar in the modernization of infrastructure facilities, and to provide its services according to the best QHSSE standards, as well as achieving the best results for its valued shareholders.
