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WOQOD achieves QR 440 million at the end of the First Half of the year 2023

Qatar Fuel Company, hereinafter referred to as (WOQOD) ‎or “WOQOD Group" or “the Group", with the 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 to airports and seaports, either by itself or through subsidiary ‎companies “QJET, FAHES and WOQOD Marine",  announced that its Board of Directors chaired by Mr. Ahmed Saif Al-Sulaiti approved the financial results of WOQOD Group for the First Half of the year 2023 ended on 30 June 2023, compared to the results achieved in the corresponding period of the year 2022.
WOQOD Group's net profit for the period (excluding minority rights) amounted to QR. 440 million, compared to an amount of QR. 501 million achieved in the same period of the year 2022, with a decrease of QR. 61 million, representing a decrease of 12%. The earning per share for the period amounted to QR. 0.44 per share compared to QR. 0.50 for the same period of the last year.
The decrease in net profit and earnings per share was due to lower sales volume of diesel and associated income driven by lower B2B sales due to the completion of major infrastructure projects, as well as the reduction of fuel prices during the period.
On the other hand, Mr. Saad Rashid Al Muhannadi, CEO and Managing Director, indicated that the total fuel sales volume for the period have increased by 2% compared to the same period of the year 2022, driven by the increase in Jet fuel sales by 11%. He also mentioned that the construction of petrol stations is a dynamic exercise, indicating that the company will build one petrol station by the end of this year 2023, that WOQOD, in cooperation with KARAMAA, has completed installation of 23 EV charging points at 17 petrol stations, as well as working on many initiatives to improve the non-fuel revenue during the year 2023.  
In conclusion, Al-Muhannadi indicated that WOQOD Group will move forward in enhancing the benefits of its valued shareholders and all stakeholders by taking appropriate initiatives in developing the downstream oil and gas sector within the framework of the State's general policy of modernization and development and strengthening the pillars of the country's national economy.