Doha: Qatar Fuel Company (Woqod), which has an exclusive concession to distribute, sell, transport and market refined petroleum products and gas within Qatar including airports and seaport, has announced that its Board of Directors chaired by Ahmed Saif Al Sulaiti has approved the financial results and key performance and operational indicators of Woqod Group for the nine-months period ended on September 30, 2022, compared to the financial and operational results for the same period in 2021. The Board has also approved the Group Capital and Operational Budget for the year 2023.
Woqod Group’s consolidated net profit (attributable to the shareholders of Woqod) for the period ended September 30, 2022 amounted to QR763m, showing an increase of 10.4 percent or QR72m, compared to QR691m achieved during the same period in 2021. The earnings per share stood at QR0.77 per share compared to QR0.69 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 sales volumes that witnessed an increase rate of 13 percent in conjunction with the economic recovery from the COVD-19 pandemic, coupled with the efforts exerted towards implementing the approved cost optimisation policy in the Group’s business.
In the field of the petrol stations projects, Saad Rashid Al Muhannadi, Managing Director and CEO, pointed out that year to date, the company has opened five new petrol stations, bringing the number of stations operated by the company to 122. Further, the company plans to add seven (7) new petrol stations before the end of this year, taking the number of stations to 129.
As a result of the increase in petrol stations, Woqod market share has reached 86 percent in the retailing of fuel products and this is expected to grow in the upcoming years.
As part of Woqod’s green initiative in line with Qatar’s 2030 vision for sustainability, Al Muhannadi emphasised that some of Woqod newly built petrol stations have been equipped with units to generate electricity from solar energy to cover part of the energy used in such stations, in collaboration with Siraj Energy.
In conclusion, Al Muhannadi indicated that Woqod has taken all necessary measures, and in close coordination and collaboration with Governmental agencies and other stakeholders to ensure all fuel requirements have been met during FIFA 2022 World Cup.
