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Woqod has posted a net profit of QR530mn in the first half of this year, up 12.5% on the same period last year. |
The company’s assets exceeded QR10.4bn in the first half of this year, up 9.65% on the same period last year.
Woqod’s H1 results were announced last night after a meeting of the company’s Board of Directors presided over by chairman, Sheikh Saoud bin Abdulrahman al-Thani.
Woqod chief executive officer, Ibrahim Jaham al-Kuwari said the Board of Directors reviewed and approved the financial results achieved during this period. The BOD also examined Woqod’s current and future projects and other related issues and gave its directives.
Despite the capital increase by 30% by 2014 through the bonus shares, earnings per share (EPS) amounted to QR6.28 for H1, 2014, compared with QR5.58 for the same period last year.
The company’s equity dropped by 2% to reach QR6.1bn in the first half of this year.
Al-Kuwari said Woqod was currently involved in implementation of some 39 projects, 13 of which were progressing and the others in design, tendering and approval stages.
Five petrol stations- Al Wakrah, Al Wajba, Al Jumailia, Lusail and Al Thakeera are currently under construction, in addition to a project in Saudi Arabia. Some of these projects are expected to be inaugurated by end-2014, while the others will be completed during 2014.
Seven petrol stations are in design stages. These will be located at Hamad International Airport (HIA) West, New Mesaimeer, Education City North, Education City Bani Hajer, Smeisma, Al Refaa Street and Al Thomama. The completion of these projects is expected during H1, 2015.
Nine Projects are under tendering process in the following areas- Um Garn, Lektaifiah, Al Musahabia, Al Shamal City, New Al Rayan , Sodanatheel , Ain Jenan, Ben Dirham, And HIA East.
Woqod has signed seven contracts with a local contracting company to start building these projects very soon.
Al-Kuwari informed that some 24 locations “are currently under review” for Woqod’s future projects.
Some 10 expansion projects (for existing petrol stations) are being taken up at Al Thayen, Industrial Area, Al Hilal, Muaither, Bu Fasila , Al Seelia, West Bay, Mesaimeer East , Wadi Al Banat, and Al Gharrafa The completion is expected by end-2014.
Three new projects for establishing C-Store at Hamad Hospital, Aamal Tower and Barwa City are in design stages. These are expected to be completed before end-2014, al-Kuwari said.
Vehicle inspection centres (Fahes) at Al Mamoura and Wadi Al Banat are already completed and tested. Official inauguration will take place very soon once the pending issues related to software and connection facilities are finalised, Woqod said.
Three new such centres at Al Shehaniah, North City and Al Khor are currently in the design stage and these are expected to be commissioned in 2015.
He said the marketing activities at Sidra C-Stores, car wash (manual and automatic) facility, workshops tires and repair, lubricant change and other services were up in the first half of this year. The total volume of sales for all these activities saw an average growth rate of 23% during the period.
LPG sales grew by 7% in the period under review. The number of cylinders refilled and sold reached 2.6mn units (metal cylinders) and 421,000 (Shafaf) in the first half of this year.
For Bitumen sales, Woqod signed a contract with Ashghal Authority to supply Bitumen 60/70 and modified (Polymer) to its contractors. Woqod will invest about QR70mn for increasing storage and distribution capacity of Bitumen, including purchasing a new ship for this purpose. This will result in a “dramatic increase” in the sales of Bitumen in the coming period.
During H1, 2014, the total volume of sales of petroleum products (diesel, gasoline and jet fuel) reached 3446mn litres, registering an increase of 11.6% compared to the same period last year.
Woqod also provides diesel tank lease and diesel transport vehicles (with driver) services to both business and individuals.
