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Tribune News Network
Doha
Qatar Fuel Company (Woqod) on Thursday reported a net profit of QR373 million for the first half of the year ended June 30, 2017, a decrease of 31 percent, compared to QR540 million it achieved for the same period in 2016.
Woqod CEO Saad Rashid al Muhannadi said the main reasons for the decrease in earnings were the change in the new terms for fuel supplies to Woqod and its customers.
"Increase in the National Pension Funds contributions as per the current legislation and the decline in the value of investment in shares, also contributed to the decline in earnings,"Muhannadi pointed out.
Woqod will make all efforts to improve the results in future, he said.
Petrol stations
Muhannadi said four stations were opened in the first half of the year 2017, eight are under construction and 14 are under tendering and designing stage.
Regarding petrol station expansion projects, the Woqod CEO said two expansions have been completed, while three are to be completed.
Muhannadi also stated that Woqod is currently coordinating with the municipality for the allocation of 26 locations for construction of fuel stations. He said three FAHES centres would be opened this year, and another two would be opened in 2018.
Retail activities
Woqod's retail sales increased by more than 7 percent over the same period last year. The company's retail activities include Sidra stores, car wash (manual and automatic), workshop, tyres, oil change and other services.
Woqod's LPG sales (refilling and new) during the period grew by 14 percent.
The sale of metallic cylinders declined to 1.3 million, whereas sale of SHAFAF cylinders (6 and 12 Kg) more than doubled, exceeding 3.2 million cylinders as a result of the promotional campaign to replace metallic cylinders with SHAFAF cylinders, Woqod said.
As for the bitumen sales, type 60/70 recorded an unprecedented growth of over 168 percent, and sales of type polymer PMB increased by more than 14 percent over the same period last year.
Bitumen sales are expected to increase significantly after the completion of the storage expansion project, Woqod said.
Woqode
Woqod introduced the electronic payment system Woqode in January 2016. The system works through an electronic RFID chip tag fitted in the vehicle's fuel tank. The number of tags installed during the first half of 2017 reached 20,525, an increase of 12 percent over the half of 2016, the company said.
Petroleum products
The total sales volume of petroleum products (diesel, gasoline and jet fuel) exceeded 4,760 million litres with an increase of 5 percent in the first half of 2017 as compared to the same period last year, the company said.
Jet fuel accounted for 45 percent of the total sales volume followed by diesel (29 percent) and gasoline (26 percent), Woqod said.
