Doha,
Qatar • 13 April 2022
WOQOD achieves QR 263
million at the end of the First Quarter of the year 2022
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 2022 at 1:30 pm. on
Wednesday April 13th 2022 under the chairmanship of Mr. Ahmed Saif
Al-Sulaiti. 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 2022 ended on 31 March 2022, compared to the same results achieved in
the corresponding period of the year 2021.
WOQOD Group net profit for the period (excluding
minority rights) amounted to QR. 263 million, compared to an amount of QR. 253
million achieved in the same period in the year 2021, with an increase of QR. 10
million, representing an increase rate of 4%. The earning per share for the
period amounted to QR. 0.26 compared to QR. 0.25 for the same period of last
year 2021. The increase in net profit and earnings per share compared to the
same period in 2021 was due to the relative increase in sales of petroleum and
non-petroleum products, where Mr. Saad Rashid Al Muhannadi, CEO and Managing
Director indicated that there was a 10% increase in total sales of petroleum
products.
Al Muhannadi also explained that the number of WOQOD operating
stations reached 119 by the end of the first quarter of 2022 and is expected to
reach 129 by the end of the year 2022. 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.
On the other hand, Al Muhannadi explained that WOQOD
has been classified by Brand Finance among the top 10 most valuable brands in
the oil and gas sector in the Middle East, and that WOQOD Group have received
an ISO certificate in business continuity management.
In conclusion, 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 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.
