Based on the company's 2022 profits and factoring in the requirements of current and future projects, the board has recommended dividend of QR0.9 per share to be approved by shareholders at the annual general assembly meeting scheduled for February 15. The meeting will also discuss the recasting of board for 2023-25.
Earnings-per-share amounted to QR1.08 during 2022 compared to QR0.98 the previous year, while shareholders’ equity increased to QR9.2bn against QR9bn during 2021.
The year 2022 witnessed an 11% year-on-year increase in total sales volume, where retail fuel sales through Woqod stations increased by 9%, LPG (liquefied petroleum gas) sales by 14%, jet fuel by 20%, and bunker fuel by 27%, Saad Rashid al-Muhannadi, chief executive officer and managing director informed the board.
The increase in the sale volumes has led the company to achieve record high revenue of QR30bn.
The board reviewed and approved the current and future projects that the company plans to establish, whereby it has opened four APC centres, eight Sidra convenience stores, and 11 new petrol stations, thus increasing the number of operating stations to 126 at end of 2022.
"The company has a dynamic plan for the construction of new petrol stations, which will be periodically reviewed according to the demand conditions and the need for petrol stations," al-Mohannadi said.
Woqod started the installation of 37 EV (electric vehicle) chargers at 22 petrol stations in 2022, with charging points already installed in five stations, he said, stressing that the EV installation operations will continue at other stations to keep pace with developments in the EV segment, as well as to optimise revenues and utilise infrastructure spread across Qatar.
The company also launched its green initiatives in conjunction with the Qatar National Vision 2030 for sustainable development, where two stations have been equipped with alternative sources of electricity generation from solar energy, while the works on the third station is progressing rapidly, and the company is planning to expand the project in the future.
In view of the expansion of the petrol stations, the share of Woqod in the petroleum retail market reached about 86% during 2022.
Woqod has performed all its commitments towards the World Cup in cooperation and coordination with the relevant authorities in the best way through the establishment of many infrastructure and logistical support projects, with all such commitments undertaken according to the highest levels and standards of security and safety, al-Mohannadi said.
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