Qatar Fuel Company (WOQOD), hereinafter referred to as “WOQOD Group” or “the Group,” with the code name “QFLS” on the Qatar Stock Exchange, is a company with an exclusive concession in the State of Qatar to distribute, sell, transport, and market refined petroleum products and gas within Qatar, including airports and seaports.

The company announced that its Board of Directors, chaired by Mr. Ahmed Saif Al-Sulaiti, has 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 in 2022. The Board also approved the Group Capital and Operational Budget for the year 2024.

Financial Performance and Earnings Per Share

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 QR 763 million for the same period in 2022, showing a decrease of QR 51 million, representing a decline of 7%. The earnings per share for the period amounted to QR 0.72 per share, compared to QR 0.77 per share 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 reporting period.

Petrol Stations Expansion and Future Plans

In the field of petrol stations projects, Mr. Saad Rashid Al-Muhannadi, Managing Director and CEO, stated that the company currently operates 117 petrol stations. He further explained that one additional station will be added before the end of the year, increasing the total to 118 stations. He emphasized that WOQOD’s petrol station expansion plan is a dynamic strategy, where stations are built as needed, based on current and future market demands.

Electric Vehicle Chargers and Non-Petroleum Product Growth

Mr. Al-Muhannadi also noted that WOQOD has successfully installed 26 Electrical Vehicle Chargers (EVC) across 19 petrol stations, in collaboration with KAHRAMAA.

Additionally, the company is exploring multiple options to enhance revenue from its non-petroleum product segments, with implementations expected within the current year.

WOQOD’s Concession Renewal and Commitment to Growth

In conclusion, Mr. Al-Muhannadi confirmed that the Cabinet has approved the renewal of WOQOD’s Concession for an additional five (5) years.

WOQOD Group will continue to deploy all efforts to maximize value for its shareholders and stakeholders, taking the necessary initiatives to develop the petroleum products distribution sector in alignment with Qatar’s national policy on modernization and economic growth.The company remains committed to ensuring the permanent supply of fuel, adhering to international best practices in health, security, safety, and environmental sustainability.