WOQOD Net Profit Amounted to 503 Million Qatar Riyals at the end of the first half of 2018
Qatar, July 30, 2018: Eng. Saad Al-Muhannadi Chief Executive Officer of Qatar Fuel (WOQOD) stated that the net profit of the company at the end of the first half of 2018 (excluding minority rights) amounted to QR 503 million compared to QR 373 million for the same period in 2017, with an increase of QR 130 million representing 35% increase rate.
He pointed out that the comparison of the second quarter of the year 2018 alone with the same period last year 2017 indicates a 3% increase of profits. The profits of the second quarter of the year 2018 amounted to 202 million riyals compared to 197 million for the second quarter of the year 2017.
He further went on to explain that the increase in profits is attributable to the efforts exerted to enhance capability and efficiency of the company’s business activities and operations pursuant to an optimization study duly carried out and implemented effective from the first half of 2017. He added that the operational costs and expenses were significantly reduced during the first half of 2018 resulting in the achievement of 72 million riyals of additional income.
He further attributed the increase of net profits for the first half of 2018 to the optimum utilization of company owned infrastructure projects and means of logistic supports comprising vessels, storage tanks, tanker trucks and other facilities. Eng. Al-Muhannadi further stressed that the efficient management of investments enabled the company to achieve significant growth in investment revenues.
With regard to earning per share, Eng. Al-Muhannadi said that it has reached QR 5.06 by the end of the first half of 2018 as compared to QR 3.75 for the first half of 2017.
In respect of company projects, Eng. Al-Muhannadi said that, the first half of the year 2018 witnessed the completion and operation of six (6) new stations including one mobile station namely; Al Eqla station in Lusail, Al Thameed station of Al Refaa, Al-Tumama station on the “F” ring road, Mowater City station on Saalwa road, New Eslatah station and a mobile station on the ring road at Al –Mazrooaa. The total stations currently operated by WOQOD are (60) stations.
He further added that 26 more petrol station are currently being built by WOQOD. It is anticipated that many of these stations will be completed and fully operated by the end of this year.
In the field of the company’s projects Mr. Al-Muhannadi further stated that the Bitumen Facilities project under construction by WOQOD within Mesaied Industrial City is in the final stage of completion.
On the other hand, Engineer Al-Muhannadi explained that WOQOD, is in pursuit of its role as an excellent service provider by enhancing customer satisfaction and rendering its services to them in a smooth and convenient manner, by adding more dispensers within its new stations under construction. This has a positive effect in saving customer’s time and effort. WOQOD customer satisfaction objective prompted it to operate mobile stations as and where the need arises for such service, particularly in areas where there is a private petrol station close out.
With regard to the company's operations, Al-Muhannadi explained that sales volumes grew for most of the products. The average increase in the total sales volumes of petroleum products was 1.1% in comparison with the first half of 2017. Jet fuel increased by 9.2%, bitumen by 65.7%, LPG gas by 13.6% and sales volumes for HFO increased by 100% rate as compared to same period last year.
Retail sales volumes of petroleum products increased by 13.2% while non-oil retail revenue including Sidra Stores grew by 7.2%. He also noted that FAHES revenues increased by 15.6% compared to the first half of 2017.
In conclusion, Eng. Al-Muhannadi noted that, WOQOD raised the maximum limit for individual ownership in WOQOD share capital to 1% and raised the permissible percentage of ownership of non-Qataris to 49% of WOQOD share capital. Towards this end, he further stressed that Qatar Fuel has completed the necessary legal procedures for the implementation of the new ownership percentage rates. He further assured that the management of the company and its Board of Directors will undertake every effort to stimulate and build a robust and sustainable downstream Oil and Gas distribution Sector within the State of Qatar through the utilization and implementation of latest international standards in furtherance of public policy objectives in modernizing general services infrastructure and utilities, and providing the best services to the State of Qatar, its citizens and residents while achieving the best results for its shareholders.
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