Tribune News Network
Doha
Qatar Fuel Company (Woqod) has posted a net profit of QR1.052 billion for 2024, up 7 per cent from QR984 million in 2023. Latest earnings per share amounted to QR1.06, as against QR0.99 for the past year.
Based on the company’s net profits in 2024 and considering the requirements of current and future projects, the board has recommended a final dividend of QR1 per share. After netting the interim dividend paid of QR0.40 per share, the remaining dividend amount of QR0.60 will be distributed to the shareholder through the regulatory authority EDAA.
The year 2024 witnessed a 6% increase in total fuel sales volume, compared to 2023. Total fuel sales reached a record high of 11.3 billion litres compared to 10.7 billion litres for the year 2023, 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 6.2 billion litres and Gasoline sales reached 3 billion litres, with an increase of 10% and 4% respectively as compared to 2023.
Eng. Saad Rashid Al-Muhannadi, Managing Director and CEO explained that the company witnessed significant improvement in security and safety levels during the year 2024 as compared to 2023, where the Loss Time Incident Frequency (LTIF) improved by 59%, while the Total Recordable Case Frequency (TRCF) improved by 19%.
In the field of the petrol stations projects, Muhannadi pointed out that the construction of Al Nigyan-2 station has been completed and it will be opened in 2025. During 2025, we will also witness the completion of the construction of four petrol stations and one Fahes Vehicle Technical Inspection Center, emphasizing that WOQOD’s plan for these stations’ construction is based on a dynamic plan wherein stations are built on as and when required basis.
Muhannadi also pointed out that WOQOD, due to its strong performance accumulated over the years, has ranked 3rd among companies listed on the Qatar Stock Exchange in the field of environment, governance, and social responsibility (ESG).
Muhannadi pointed out the solid foundations and solid pillars on which the company is based, assuring that it will continue its efforts aimed at enhancing the benefits of its valued shareholders, by taking appropriate initiatives in development and modernization within the framework of the general policy of the state, and securing the permanent supply of fuel in accordance with the best international standards in force in the fields of health, security, safety and environmental considerations. The company will also explore external investment opportunities for international growth in line with the company approved policies.Woqod posts net profit of QR1.052 billion for 2024
