Doha, Qatar • 17 January 2024
WOQOD achieves QR 984 million at the end of the fiscal year 2023
Qatar Fuel Company Q.P.S.C., hereinafter referred to as (WOQOD) or “WOQOD Group" or “the Group", with code name “QFLS" on Qatar Exchange, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products, including at the airports and seaports, either by itself or through subsidiary companies “QJET, FAHES & WOQOD Marine", announced that its Board of Directors had held its annual meeting at 1:30 pm. on Wednesday, January 17th 2024, under the chairmanship of Mr. Ahmed Saif Al-Sulaiti. The meeting was held at WOQOD Tower, where the Board discussed and approved the performance of the company's business operations and financial results of WOQOD Group for the year ended 31 December 2023 as compared to the year 2022.
WOQOD Group net profit for 2023 (excluding minority rights) amounted to QR 984 million, as compared to an amount of QR 1,070 million achieved in the year 2022, representing a decrease of 8%. Earnings per share for the year amounted to QR 0.99, as compared to QR 1.08 for the past year, while Shareholders Equity increased to reach QR.9.3 billion compared to QR. 9.2 billion for the year 2022.
The year 2023 witnessed 5% increase in total fuel sales volume, compared to 2022. Total fuel sales reached a record high of 10.7 billion liters compared to 10.1 billion liters for the year 2022, mainly driven by the increase in the volume of sales of jet fuel and gasoline, which also recorded the highest annual sales volume in the company's history. Jet fuel sales reached 5.7 billion liters and Gasoline Sales reached 2.9 billion liters, with an increase of 16% and 4% respectively as compared to 2022. Income from non-fuel retail activity has also increased by 1% compared to 2022, driven by an increase in the number of petrol stations.
In the field of the petrol stations projects, Mr. Saad Rashid Al-Muhannadi, Managing Director and CEO, pointed out that the company built four petrol stations during the year 2023, stressing that WOQOD's plan for stations construction is dynamic wherein stations are built on as and when required basis.
On the other hand, Mr. Al Muhannadi explained that the company in the year 2023 has achieved considerable improvement in safety performance compared to 2022, where the Loss Time Incident Frequency (LTIF) improved by 43%, while the Total Recordable Case Frequency (TRCF) improved by 53%.
Al-Muhannadi also referred to the rankings achieved by WOQOD in the multiple indexes managed by specialized entities, where WOQOD ranked 3rd among companies listed on the Qatar Exchange in the field of environment, social and Governance responsibility (ESG), in addition to securing 2nd rank among Energy Sector in the In-Country Value (ICV) rating.
Based on the company's net profits in 2023 and considering the requirements of current and future projects, the Board has recommended to the Company's Annual Shareholders General Assembly, scheduled to be held on 18/02/2024 as an original date and 25/02/2024 as an alternative date, approving the distribution of dividends to shareholders worth Qatari Riyal 0.90 per share.
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 considerations and externally by exploring opportunities for international growth in line with the company prescribed business scope as per its approved policies.
