Doha, Qatar • 11 July 2021
WOQOD achieves QR 461
million at the end of the First Half of the year 2021
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 2021 ended on 30 June 2021,
compared to the results achieved in the corresponding period of the year 2020.
WOQOD Group’s net profit for the period (excluding
minority rights) amounted to QR. 461 million, compared to an amount of QR. 270
million achieved in the same period of the year 2020, with an increase of QR. 191
million, representing an increase rate of 71%. The earning per share for the
period amounted to QR. 0.46 per share compared to QR. 0.27 for the same period
of the last year.
The increase in net profit and earnings per share was
due to a noticeable improvement in the performance of most of the Group's
activities and sales in conjunction with the signs of recovery from the Corona
pandemic, coupled with the increased efforts exerted towards implementing the
Group already approved efficiency policy in the Group's business.
In the field of the petrol stations project, Mr. Saad
Rashid Al-Muhannadi pointed out that since the beginning of 2021 to date the
company has opened 2 petrol stations, bringing the number of stations currently
operated by the company to 107, and explained that the company plans to add
four more stations by the end of this year and the number will rise to 111
stations, while the company plans to build seven petrol stations in 2022, to
bring the number of stations to 118 stations. As a result of the increase in petrol
stations numbers, WOQOD share in the fuel products retail market has reached
85%, which is expected to reach 90% over the next few years.
On the other hand, Al Muhannadi explained that in
order to increase the effectiveness in the Technical Inspection Centers, the
company in coordination with the General Directorate of Traffic took
appropriate measures to avoid any wait for our valued customers, and has
increased the working hours of Technical Inspection Centers, especially in
high-density centers, where working hours in some centers such as Mesimier and
Wadi Al-Banat reached 18 hours per day.
In conclusion, Al-Muhannadi indicated that WOQOD has
been closely monitoring the developments of the Corona pandemic and working with
its partners to coordinate the combating the spread and limiting the negative
effects of COVID-19. WOQOD had issued and applied a suitable, flexible and
effective business plan to ensure the continuity of its activities throughout
the country on regular basis and in line with the health safety security, and
environmental sanitation procedures and standards for the time being in force
in the petroleum products industry, in order to implement the best standards
and measures issued in this regard.