Qatar Fuel Company (Woqod) achieved a net profit of QR223mn in the first quarter (Q1) of 2023.
This was announced by Woqod chairman Ahmed Saif al-Sulaiti following the board of directors fourth meeting held via video conference Wednesday.
Woqod’s net profit in Q1 represented a 15% decrease (QR40mn) from QR263mn recorded in the same period in 2022. Earnings per share amounted to QR0.22 compared to QR0.26 for the same period in 2022.
The decrease in net profit and earnings per share compared to the same period in 2022 was driven by the lower sales volumes of diesel and associated incomes, as well as the reduction in fuel prices. Improved income from other segments contributed to offset some of the impacts from lower diesel sales volumes.
Saad Rashid al-Muhannadi, managing director and CEO, said the first quarter of 2023 witnessed the construction and operation of two petrol stations.
Al-Muhannadi said in Q1 2023, Woqod managed to install 10 electric charging points in seven petrol stations, in co-ordination with Kahramaa, noting installation activities of six other charging points in three stations as per the approved plan.
He said Woqod has a dynamic plan for the construction of new petrol stations that is being reviewed periodically according to the conditions of fuel demand and the need for fuel stations.
Also, al-Muhannadi noted that Woqod has been classified by Brand Finance as among the top 10 most valuable brands in the oil and gas sector in the Middle East.
Al-Muhannadi assured that in the coming period, Woqod intends to work on a set of new initiatives to develop its non-petroleum activities in order to enhance revenue from this sector.
“Woqod Group will exert all efforts to maintain and enhance the service levels, continue to focus on efficiency improvement and operational excellence, and take all other viable measures in furtherance of the group profitability and the achievement of its vision, mission, and strategic goals as a pioneer downstream oil and gas company,” al-Muhannadi said.
He said Woqod aims to build a modern, robust, and state-of-the-art petroleum products distribution sector within the country to keep pace with the general policy of Qatar in the modernisation of infrastructure facilities and to provide services according to the best QHSSE standards and achieve the best results for its valued shareholders.
