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Woqod achieves profit of QR270 million in H1

Woqod achieves profit of QR270 million in H1

Tribune News Network
Doha
Qatar Fuel Company (Woqod) on Wednesday announced that its net profit in the first six months of 2020 (excluding minority rights) amounted to QR270 million compared to QR548 million achieved in the same period of the year 2019.
The earning per share for the period amounted to QR0.27 compared to QR0.55 for the same period of last year.
The decrease in net profit and earning per share for the period were partly attributed to the market slowdown prompted by COVID-19 spread and partly to supply and demand factors of petroleum products.
The decrease of petroleum product distribution margins is also one of the factors that have contributed to net profits and earning per share decrease.
With regard to the company’s operations, Woqod Chairman Ahmed Saif Al Sulaiti said that the company’s overall sales of petroleum products decreased by 22 percent as compared to the same period of last year due to COVID-19 pandemic.
Diesel and Super Gasoline sales decreased by 12 percent and 22 percent respectively, while premium gasoline sales decreased by 14 percent. Jet fuel volumes decreased by 28 percent due to the reduced operations of Qatar Airways and private airlines.
Sales of bitumen decreased by 66 percent. The LPG sales decreased by 3 percent compared to the same period of 2019, and the decrease is attributed to the factors of supply and demand. Refined Petroleum Products retail sales from petrol stations decreased by 8 percent compared to the same period of last year as a consequence of the low consumption prompted by COVID-19 pandemic.
On the other hand, bunkering fuel increased by 12 percent compared to the same period in 2019, and retail non-fuel revenue including Sidra sales increased by 8 percent as compared to the same period of the last year driven by the opening of new stations and higher footfall in C-stores.
The chairman pointed out that petrol stations operated by Woqod at the end of June 2020 totalled to 104 stations, whereas the company intends to add eight more stations by the end of the current year 2020.
He said that the Group during the second quarter of 2020 had acquired two new bunker fuel ships to support the ship bunkering activity that the Group is performing in cooperation, coordination and partnership with Qatar Petroleum.
For the purpose of improving the profitability of the company, Woqod Managing Director and Chief Executive Officer Saad Rashid Al Muhannadi indicated that the company will continue to increase the levels of implementation of its efficiency and cost optimisation initiative as this will further improve the returns for the company and its shareholders.

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