WOQOD achieves QR 712 million for the nine-months period ended 30 Sep 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 and gas within State of Qatar including airports
and seaports, 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 nine-months period ended
on 30 September 2023 compared to the financial and operational results for the same period of 2022. The Board
also approved the Group Capital and Operational Budget for the year 2024.
WOQOD Group’s consolidated net profit (attributable to the shareholders of WOQOD) for the period ended
30th September 2023 amounted to QR. 712 million, compared to an amount of QR. 763 million achieved for
the same period of 2022, showing a decrease of QR. 51 million, representing a decrease rate of 7%. The earnings
per share for the period amounted to QR. 0.72 per share compared to QR. 0.77 for the same period last year.
The decrease in net profit and earnings per share was due to supply and demand factors for petroleum products
during the report period.
In the field of the petrol stations projects, Mr. Saad Rashid Al-Muhannadi, Managing Director and CEO, pointed
out that the petrol stations operated by the company are currently 117 stations. He also explained that the
company intends to add another station before the end of this year, bringing the number to 118 stations, stressing
that WOQOD's plan in stations construction is a dynamic plan whereupon the stations are built on as and when
basis i.e.as per the current and future requirements to build/avail a petrol station. He further explained that the
company has completed installation of 26 Electrical Vehicle Chargers EVC in 19 petrol stations in cooperation
with KAHRAMAA, in addition to WOQOD studying several other options in order to increase the income from
non-petroleum products segments, which will be applied during the current year.
In conclusion, Al-Muhannadi indicated that the Cabinet has approved the renewal of WOQOD’s Concession
for an additional five (5) years, indicating that WOQOD Group will continue deploying all efforts in enhancing
the benefits of its shareholders and all stakeholders, by taking appropriate initiatives in developing the petroleum
products distribution sector within the framework of the State of Qatar general policy of modernization,
development, strengthening the pillars of the country's national economy and securing the permanent supply of
fuel in accordance with the best international standards in the fields of health, security, safety and environmental