WOQOD’s net income reaches QR643m
26 Oct 2017 - 0:00
Qatar Fuel’s (WOQOD) net income, excluding minority interest for the third quarter (Q3) ended September 30, 2017 stood at QR643m, down 17.2 percent compared to QR777m for the corresponding period last year.
The main reasons for the year-on-year fall in earnings was primarily attributed to the change in fuel margins and transportation tariff.
Saad Rashid Al Muhannadi, WOQOD’ CEO, said that the Board of Directors of WOQOD chaired by Ahmed Saif Al Sulaiti approved the unaudited financial statements for the period ended September 30, 2017. The Board also reviewed the implementation process of the company’s current and future projects and gave its recommendations thereto.
Al Muhannadi confirmed that the net income (excluding minority interest) for the Q3, 2017 alone amounted to QR270m compared to QR237m for the same period 2016, representing an increase of 14 percent. Similarly, the net income for the third quarter 2017 alone went up by 37 percent as compared to the second quarter of 2017.
Al Muhannadi said that WOQOD is making all efforts to improve the results in future. He explained that WOQOD group has embarked on a number of cost optimisation initiatives and, in spite of additional operating costs related to new stations, managed to reduce the cash operating expenses by 6 percent for the period ended September 2017, as compared to the same period last year.
In respect of the company’s projects, Al Muhannadi said that the number of petrol stations in operation under the company’s ownership, or management, including mobile petrol stations, has reached to 58. This includes six petrol stations, including two mobile petrol stations, opened during the year 2017. In addition, 13 stations are under construction and twelve 12 under tendering and designing stage. WOQOD is planning to increase the number of petrol stations to 83 by the end of 2018 and 120 by 2022.
Al Muhanadi also stated that WOQOD is currently coordinating with the Ministry of Municipality and Environment for the allocation of more locations for petrol stations.
With regards to FAHES centres, he said that two new centers started operation during the period to September 2017, and another station will be opened by the end of this year.
With respect to the Bitumen Terminal expansion, Al Muhannadi said that it is expected to be fully operational by the third quarter of 2018. Retail activities include fuel sales from petrol station and non-fuel revenues, i.e. Sidra stores sales, car wash (manual and automatic), repair workshop, tyres, oil change and other services. Fuel & non-fuel sales grew by 25.5 percent and 8.4 percent respectively compared to the same period last year.
Electronic Payment System “WOQODe” and Introduction of Credit and Debit Cards for Fuel Sales at Petrol Stations
WOQOD introduced the electronic payment system WOQODe in January 2016. The system works through an electronic Radio Frequency Identification (RFID) chip tag fitted in the vehicle’s fuel tank. The number of tags installed during the period to September 30, 2017 reached 69,078 tags, representing an increase of 150 percent over the corresponding period 2016.
Al Muhannadi also pointed out that WOQOD is in the process of accepting debit and credit cards for fuel sales at petrol stations by the end of this year 2017.