Woqod reported net profit of QR440mn in the first six months of this year. The earning-per-share amounted to QR0.44 against QR0.50 the same period in 2022.
However, the net profitability fell 12% on an annualised basis on lower sales volume of diesel and associated income driven by lower B2B (business-to-business) sales due to the completion of major infrastructure projects, as well as the reduction of fuel prices during the period.
Saad Rashid al-Muhannadi, chief executive officer and managing director, said total fuel sales volume increased by 2% year-on-year, driven by the increase in Jet fuel sales by 11%.
He said the construction of petrol stations is a dynamic exercise, indicating that it will build one petrol station by the end of this year. Woqod, in co-operation with Kahramaa, has completed installation of 23 EV charging points at 17 petrol stations, as well as working on many initiatives to improve the non-fuel revenue during the year 2023.
“The group will move forward in enhancing the benefits of its valued shareholders and all stakeholders by taking appropriate initiatives in developing the downstream oil and gas sector within the framework of the general policy of modernisation and development and strengthening the pillars of the country's national economy,” al-Muhannadi said.