Doha, Qatar • 26 July 2022
WOQOD achieves QR 501 million at the end of the First Half of the year 2022
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 2022 ended on 30 June 2022, compared to the results achieved in the corresponding period of the year 2021.
WOQOD Group's net profit for the period (excluding minority rights) amounted to QR. 501 million, compared to an amount of QR. 461 million achieved in the same period of the year 2021, with an increase of QR. 40 million, representing an increase rate of 9%. The earning per share for the period amounted to QR. 0.5 per share compared to QR. 0.46 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, coupled with the increased efforts exerted towards implementing the Group already approved efficiency and cost optimization policy in furtherance of the Group's business.
On the other hand, Mr. Saad Rashid Al Muhannadi, CEO and Managing Director, indicated that the total fuel sales for the period have increased by 14% compared to the same period of the year 2021, driven by the increase in Jet fuel sales by 26%. And he also mentioned that the number of petrol stations owned and managed by the company reached 119 stations by the end of June 2022, indicating that the company will build another 10 petrol stations by the end of this year 2022, and will also cooperate with KARAMAA for installation of EV charging points at 22 petrol stations to meet the future requirements of EV segment.
In conclusion, Al-Muhannadi indicated that WOQOD, in coordination with other concerned stakeholders, has taken all preparatory measures and availed all the prerequisites to meet the 2022 World Cup requirements in Petroleum and Gas products.
