WOQOD achieves QR 691 million
for the 9 months period ended 30 Sep 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 and gas
within State of Qatar including airports and seaport, announced that its Board of Directors chaired by Mr. Ahmed Saif
Al-Sulaiti approved the financial results and key performance and operational
indicators of WOQOD Group for the 9 months period ended on 30 September 2021 compared
to the financial and operational results for the same period of 2020. The Board
has also approved the Group Capital and Operational Budget for the year 2022.
WOQOD Group’s consolidated net
profit (attributable to the shareholders of WOQOD) for the period ended 30th
September 2021 amounted to QR. 691 million, compared to an amount of QR. 429
million achieved for the same period of 2020, showing an increase of QR. 262 million,
representing an increase rate of 61%. The earning per share for the period
amounted to QR. 0.69 per share compared to QR. 0.43 for the same period 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 revenues in conjunction with the economic recovery
from the COVD-19 pandemic, coupled with the efforts exerted towards implementing
the approved optimization policy in the Group's business.
In the field of the petrol
stations Projects, Mr. Saad Rashid Al-Muhannadi, Managing Director and CEO, pointed
out that year to date, the company has opened 5 new petrol stations, bringing
the number of stations operated by the company to 110. Further, the company
plans to add 1 more station before the end of this year, taking the number of
stations to 111. The company plans to build & operate an additional 11 petrol
stations before the Football World Cup 2022 kick-off so as to have 122 stations.
As a result of the increase in petrol stations, WOQOD market share has reached
85% in the retailing of fuel products and this is expected to grow in the upcoming
years.
In conclusion, Al-Muhannadi
indicated that WOQOD Group has been closely monitoring the developments of the COVID-19
pandemic and working with its partners in combating the spread and limiting the
negative effects of COVID-19. WOQOD has issued and applied a suitable, flexible
and effective business plan to ensure the continuity of its activities on
regular basis and in line with the health, safety, security and as per the
prevalent sanitation standards in force in the Oil and Gas industry.
