Woqod (Qatar Fuel) has posted a net profit of QR964mn in 2017, up 9.2% on the same period last year.
In 2016, Woqod had earned a net profit of QR883mn.
Return on share amounted to QR9.7 in 2017 compared with QR8.9 for the preceding year.
Woqod’s “ownership rights” increased by 1.1% to QR7.4bn in 2017 compared with QR7.3bn in 2016.
The results were declared by Woqod CEO Saad Rashid al-Muhannadi after a meeting of the board of directors presided over by chairman Ahmed Seif al-Sulaiti here yesterday.
Al-Muhannadi said in line with the financial results achieved, the board issued a recommendation to Woqod’s annual general assembly to be held on March 25 to distribute dividends amounting to QR8 per share, resulting in a total dividend payout of QR795,404,611, equivalent to 80% of the “nominal paid capital”.
The recommendation has taken into account Woqod’s present liquidity status and future financing requirements for capital projects approved for 2018 and beyond.
Al-Muhannadi said, “Woqod realised the good result in net profit increase despite substantial changes and huge reduction of its margins for distribution of fuel product during the said year, thanks to the efforts exerted towards the increase of fuel sales in general. This is in addition to the measure taken for costs reduction through a multi-initiative integrated cost optimisation policy being implemented in phased manner, and is expected to yield results in the near future.”
Woqod said the company will go ahead with its “ambitious plan” for “realising the highest revenues” for its shareholders.
This will be achieved by developing and expanding its core business as well as supporting activities, and through continuing with the implementation of its systematic plan for cost optimisation through a set of well thought initiatives and mechanisms, for achieving capability and efficiency in company operations, and availing the necessary support for the plan by introducing other necessary accounting and technical policies and procedures.
Al-Muhannadi reviewed the steps taken by Woqod in the field of Qatarisation and said the company “accorded paramount importance” to it. Woqod has a strategic plan for recruiting and retaining capable and qualified Qatari employees and prepare them for joining the leadership team.
A number of students are now pursuing their studies on scholarships funded by the company in specialisations consonant with Woqod business requirements.
There are other Qatari employees undergoing training with the objective of recruiting them in different target positions. Qatarisation amounted to 35% within Woqod’s senior staff category, and the vast majority of the higher management team is from Qatari competencies, al-Muhannadi noted.
Woqod’s board has issued a recommendation to distribute dividends amounting to QR8 per share
