Woqod reports QR984mn net profit in 2023; declares 90% dividend

Woqod has reported a net profit of QR984mn in 2023 and has suggested 90% dividend for shareholders for the period.
Based on the company's net profits in 2023 and considering the requirements of current and future projects, the board has recommended to the company's annual shareholders general assembly, scheduled to be held on February 18 as an original date and February 25 as an alternative date, seeking the approval for dividend of QR0.90 per share.
However, the net profit was down 8% on an annualised basis.
Earnings-per-share for the year amounted to QR0.99 compared to QR1.08 during 2022, while shareholders’ equity increased to QR9.3bn against QR9.2bn the previous year.
The year 2023 witnessed a 5% increase in total fuel sales volume compared to 2022. Total fuel sales reached a record high of 10.7bn litres against 10.1bn for the year 2022, mainly driven by jet fuel and gasoline, which also recorded the highest annual sales volume in the company's history.
Jet fuel sales reached 5.7bn litres and gasoline sales reached 2.9bn, with an increase of 16% and 4% respectively compared to 2022. Income from non-fuel retail activity rose 1% year-on-year, driven by an increase in the number of petrol stations.
Regarding the petrol stations projects, Saad Rashid al-Muhannadi, managing director and chief executive officer, said the company built four petrol stations during 2023, stressing that the company has a "dynamic" plan for the construction of stations, based on the demand conditions.
Woqod has achieved considerable improvement in safety performance compared to 2022, where the loss time incident frequency (LTIF) improved by 43%, while the total recordable case frequency (TRCF) improved by 53%.
Qatar's cabinet has approved the renewal of Woqod's concession for an additional five years, indicating that the group will continue deploying all efforts in enhancing the benefits of its shareholders and stakeholders by taking appropriate initiatives in developing the petroleum products distribution sector within the framework of Qatar's general policy of modernisation and development.