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Tribune News Network
Doha
Qatar Fuel Company (Woqod), a company with an exclusive concession in Qatar to distribute, sell, transport and market refined petroleum products and gas within the company including airports and seaport, on Wednesday announced that its board of directors chaired by Ahmed Saif Al Sulaiti approved the financial results and key performance and operational indicators of the company for the first nine months of 2021 compared to the financial and operational results for the same period of 2020. The Board has also approved the Group capital and operational budget for the year 2022.
The company announced that the Group’s consolidated net profit attributable to the shareholders amounted to QR 691 million in the first nine months of 2021, an increase of QR 262 million, 61 percent, compared to an amount of QR429 million achieved for the same period of 2020.
The earning per share for the period amounted to QR0.69 per share compared to QR0.43 for the same period last year.
The increase in net profit and earnings per share was due to a noticeable improvement in the performance of most of the Group’s activities and revenues in conjunction with the economic recovery from the COVD-19 pandemic, coupled with the efforts exerted towards implementing the approved optimisation policy in the Group’s business.
In the field of the petrol stations projects, Woqod Managing Director and CEO Saad Rashid Al Muhannadi pointed out that year to date, the company has opened five new petrol stations, bringing the number of stations operated by the company to 110.
Further, the company plans to add one more station before the end of this year, taking the number of stations to 111.
The company plans to build operate an additional 11 petrol stations before the FIFA World Cup 2022 kick-off so as to have 122 stations.
As a result of the increase in petrol stations, Woqod market share has reached 85 percent in the retailing of fuel products and this is expected to grow in the upcoming years.
Muhannadi indicated that the Group has been closely monitoring the developments of the COVID-19 pandemic and working with its partners in combating the spread and limiting the negative effects of the pandemic.
Woqod has issued and applied a suitable, flexible and effective business plan to ensure the continuity of its activities on regular basis and in line with the health, safety, security and as per the prevalent sanitation standards in force in the Oil and Gas industry.
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21/10/2021
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