Woqod has posted a net profit of QR975mn in 2016, Qatar’s sole fuel distributor announced last night.
In 2015, Woqod had registered a net profit of QR1.15bn.
The company’s results were announced after a meeting of Woqod’s board of directors presided over by chairman Sheikh Saoud bin Abdulrahaman al-Thani.
Woqod “attributed the decline in net profit” to the cancellation of the diesel sales price categories, new sales and purchase agreement (SPA) signed with QP and the allocation of retirement funds for the Qatari staff.
Earnings per share (EPS) amounted to QR9.70 in 2016 compared with QR11.5 for 2015, Woqod said.
The EPS decline, it said, was due to the issuance of 8% bonus shares in 2015.
The company’s total assets reached QR11.3bn, while shareholders’ equity reached QR7.3bn in 2016.
Woqod’s board of directors recommended the distribution of cash dividends of QR638mn, or 70% of the paid-up capital at a value of QR7 per share and 9% bonus shares, which translates into nine shares for every 100 shares (owned at the date).
With regard to the current and future projects implemented by the company, Woqod CEO Ibrahim Jaham al-Kuwari said the number of fuel stations completed and operated during the 2016 (including mobile terminals) stood at 19, bringing the total owned by the company to 56.
In addition to the stations that were opened during the period, there are nine more stations that have either been completed or nearing completion and expected to start operation during the first half of 2017.
“Also, there are other projects in the design and tender stage that are expected to run through 2017,” al-Kuwari said.
There are also some 36 new sites that have been allocated by the Department of Urban Planning to set up petrol stations in future.
With regard to vehicle technical inspection (Fahes), three centres are in the completion stage “pending operation approval” and another four in the tender and award phases.
Al-Kuwari said Woqod “achieved different accomplishments” during fiscal year 2016 as petroleum products sales grew by 11.5% and LPG by 14%.
Also during the period, Woqod installed more than 50,000 tags of WOQODe, which received “wide acceptance” among institutions and individuals.
He said Woqod’s board of directors’ recommendation to the General Assembly of shareholders include the following amendments. Proposal by QP to amend the articles of association to increase the number of board members from seven to nine, of whom three will be appointed by QP, including the chairman and vice chairman, while the General Retirement and Pension Authority will appoint two members and the General Assembly will elect four members through election.
Another proposal is to allow the State of Qatar, the Qatar Investment Authority, Qatar Foundation for Education, Science and Community Development, and Qatar Holding Company to exceed the upper limit of shares ownership in the company.
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