Business

Woqod pumps up QR599.5mn profit in first half of 2011

Woqod pumps up QR599.5mn profit in first half of 2011

August 17, 2011 | 12:00 AM

 
A double digit growth in the sales of aviation fuel and refined products helped Qatar Fuel (Woqod) to report a 9% jump in its net profit to QR599.47mn in January-June this year.The company, which is all set to commission more petrol stations and vehicle inspection centres this year, has witnessed a 42% growth in revenue to QR5bn.Although the cost of sales grew faster at 50% to QR4.13bn, its gross profit rose 17% to QR868.63mn.Sale of aviation fuel soared 63% to QR2.54bn (which was 51% of the total QR5bn revenue), sale of refined products by 27% to QR2.33bn (47%) and transportation and other revenue by 11% to QR120.08mn (2%).However, its other income plunged 25% to QR98.76mn. General and administrative expenses rose 1% to QR249.02mn and finance costs by 11% to QR0.25mn. Total assets were valued at QR6.94bn comprising current assets of QR5.08bn and non-current assets of QR1.86bn.Total equity stood at QR4.48bn on a capital base of QR415.80mn and earnings-per-share was QR14.42 at the end of June 30, 2011.On the new petrol stations, the spokesman said many of the projects currently under construction in Abu Samra, Um Thughaib, Lekhdeira, Mesaieed, Muaither, Muaither South, Al Rukhaia and the Pearl are at advanced stages and expected to be commissioned during the second half of this year.On its vehicle inspection centres (Fahes), he said two centres at Mesaimer and North University petrol stations are under construction.Both the projects are progressing rapidly and the level of achievement has exceeded 70% and is expected to be commissioned before the year-end.On Sidra C-Stores, for which it has signed contract with the Culture Village (Qatara) and Qatar Foundation, the projects are expected to be completed by the year-end, he said.About its product supply pipeline, currently executed by Qatar Petroleum, the spokesman said the second phase, which intends to supply the New Doha Airport with Jet Fuel will be completed and commissioned before the opening of the new airport.

August 17, 2011 | 12:00 AM