Qatar Fuel (Woqod) has earned a net profit of QR237mn in the first-quarter of this year, up 3.5% on the same period last year.
The company’s total assets reached QR9.4bn, down 10% in 2014, while shareholders’ equity amounted to QR6.1bn; a 9.4% decrease compared to last year.
Woqod’s earnings per share (EPS) amounted to QR2.81 in the first quarter compared to QR2.71 in the same period last year.
The results were announced by Woqod chairman Sheikh Saoud bin Abdulrahaman bin Hassan al-Thani after a meeting of the company’s board of directors yesterday.
Woqod CEO Ibrahim al-Kuwari said the company was currently involved in the implementation of some 44 projects, 19 of them under construction, while 19 projects are in the design and approval stages. Six of these projects are in the tendering stages.
In addition, some 24 new locations are currently under consideration.
Al Wajbah fuel station was opened in the first quarter and two more petrol stations (Legtaifiya and Lijmiliya) are awaiting commissioning during the second quarter of this year.
Al-Kuwari said some 11 new fuel stations were under construction in different areas including Aqla (Lusail), Thakheera, Wakrah, Musahabia, Shamal City, New Rayyan, Sodanatheel, Ein Sinan (Faliha), Bin Dirham, Sumaismeh and Hamad International Airport–East.
The completion and opening of these new fuel stations are expected either this year-end or in early 2016.
As many as 13 more fuel stations are proposed to be set up at different locations. Woqod said these were currently in the design and approval stages and would be commissioned in 2016.
There are four other new projects (fuel stations) in tendering stages and 24 new locations under review by the Ministry of Municipality and Urban Planning for the purpose, al-Kuwari said.
Four fuel station expansion projects have been completed at Dha’ayen, Hilail, Ein Khaled, and Bufaseela.
Four new vehicle inspection centres are currently in the design stage at Shehaniah, Shamal, Al Khor and Al Wakrah. These are expected to be commissioned this year or in early 2016.
Woqod said its LPG sales grew 8% in the first quarter and the number of cylinders (refilled and sold) reached 1.3mn (metal) and 472,000 (Shafaf-12kg/6 kg) units. The company also said the total sale of petroleum products (diesel, gasoline and jet fuel) reached 1,870mn litres, showing an increase of 14.7% compared to the same period last year.
“Sales are expected to increase significantly during the coming period following the commissioning of the Hamad International Airport,” Woqod said.