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DOHA: Woqod’s (Qatar Fuel) total assets for 2012 full year reached QR8bn, up by 15.7 percent, compared to the year 2011. The total equity recorded a growth rate of 14.3 percent to reach QR5.5bn for the same period.
Net profit, after excluding minority interest, for the full year 2012 exceeded QR1.15bn, slightly down by 0.028 percent compared to QR 1.18bn in 2011 for the same period of last year (after the new adjustment in calculating the Company’s contribution to the Activities’ Fund). Despite the increase in capital base through issuing 25 percent bonus shares in 2011, earning per share (EPS) amounted to QR22.13per share as compared to QR22.78 for the same period of 2011.
Woqod’s Board of Directors, chaired by H E Abdullah bin Hamad Al Attiyah, Chairman of the Administrative Control and Transparency Authority and the Chairman of the Board of Directors, held its meeting yesterday to discuss the financial results achieved during the period ended the 31th of December 2012.
Announcing the financial results, Vice-Chairman and Managing Director, Mohamed Turki Al-Sobai said that the Board of Directors reviewed and approved the audited financial results achieved during this period. The Board also examined current and future projects and gave his directives.
The Board of Directors recommend the general assembly scheduled to be held on March 13, 2013 to distribute cash dividends of QR. 519.750m, according to a rate 100 percent of the value of the paid-up nominal capital, i.e QR 10 per share, in addition to 25 percent bonus shares i.e. 4 shares per 10 outstanding shares.
Al Sobai added that Woqod is currently involved in implementation of more than 30 new projects, including large number of petrol stations, vehicle inspection centres, product supply pipelines and Sidra C-stores. During 2012, four petrol stations were commissioned at Al Sylieh , Muaither, Bu Fassil and Lakhdeera. Another four are nearing completion in Roda Al Hamam, The Pearl, Abu Samra and Mesaieed and would be commissioned in the first quarter of this year. Other projects are currently either under construction, or in tendering stages in Um Karn, Al Thakheera, Al Wajba, Al Jamelia, Al Kotaifa, Um Ghareebah, Lusail, Hamad International Airport, and New Mesaimeer. These projects are expected to be completed during the second half of 2013.
Two technical inspection centres located at Mesaimer petrol station and Wadi Al Banat petrol stations are nearing completion and will be operational during the first half year of 2013. WOQOD signed a contract with a specialised French company to provide equipment and technology for these centres. Three Sidra service centers were completed and operational during 2012 at the Cultural Village (Katara) , Qatar Foundation and WOQOD Tower at Al Dafna for providing retail services through Sidra’s chain.
On behalf of Woqod, Qatar Petroleum is currently executing its Product Supply Pipe-Lines: The first phase which includes 18 inch pipeline to carry all types of petroleum products from Mesaieed Refinery to Doha Depot has been completed. The second phase which intends to supply Hamad International Airport with Jet Fuel (Jet-A1) will be completed and commissioned before the opening of the New Airport.