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 nine-months period ended on 30 September 2022 compared to the financial and operational results for the same period of 2021. The Board has also approved the Group Capital and Operational Budget for the year 2023.
WOQOD Group's consolidated net profit (attributable to the shareholders of WOQOD) for the period ended 30th September 2022 amounted to QR. 763 million, compared to an amount of QR. 691 million achieved for the same period of 2021, showing an increase of QR. 72 million, representing an increase rate of 10.4%. The earning per share for the period amounted to QR. 0.77 per share compared to QR. 0.69 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 sales volumes that witnessed an increase rate of 13% in conjunction with the economic recovery from the COVD-19 pandemic, coupled with the efforts exerted towards implementing the approved cost 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 five new petrol stations, bringing the number of stations operated by the company to 122. Further, the company plans to add seven (7) new petrol stations before the end of this year, taking the number of stations to 129. As a result of the increase in petrol stations, WOQOD market share has reached 86% in the retailing of fuel products and this is expected to grow in the upcoming years.
As part of WOQOD's green initiative in line with Qatar's 2030 vision for sustainability, Mr. Al-Muhannadi emphasized that some of WOQOD newly built petrol stations have been equipped with units to generate electricity from solar energy to cover part of the energy used in such stations, in collaboration with Siraj Energy.
WOQOD also, in cooperation with the Qatar General Electricity and Water Corporation (KAHRAMAA), is in the process of installing EV Charging Points at 22 petrol stations in order to meet the future requirement of EV segments.
In conclusion, Al-Muhannadi indicated that WOQOD has taken all necessary measures, and in close coordination and collaboration with Governmental agencies and other stakeholders to ensure all fuel requirements have been met during FIFA 2022 World Cup.
