Woqod (Qatar Fuel) has posted a first quarter net profit of QR241mn, down 10.5% on QR269mn in the same period last year.
The decrease in Q1 net profit, Woqod said, was due to a “decline in sales” for certain petroleum products following the completion of the New Doha International Airport and gas projects among others.
The Q1 results were announced here following the Woqod board of directors meeting presided over by company chairman HE Abdullah bin Hamad al-Attiyah, who is also the chairman of the Administrative Control and Transparency Authority.
Announcing the first quarter results Woqod vice-chairman and managing director Mohamed Turki al-Sobai said the company’s assets totalled QR7.6bn in March, up 20.6% on 2011, while equity totalled reached QR4.6bn in March, up 18% on 2011.
As a result of the increase in capital base through the issuance of 25% bonus shares in 2011, earnings per share (EPS) reached QR4.6 per share in Q1, 2012 compared with QR6.5 in the same period last year.
Al-Sobai said Woqod was currently engaged in some 31 key projects in Qatar. They include setting up new petrol stations, vehicle inspection centres, Sidra stores, Woqod Tower (Dafna), product supply pipelines, new deals for supply of lubricants and expansion of LPG distribution network.
He said four new petrol stations are fast nearing completion and will be opened soon. They are located at Roda Al Hamam, Bu Fasila, Lekhdeira and Muaither.
Five more petrol stations are currently under construction and expected to be commissioned in the second half of this year. They are coming up at Al Karana, Um Thughaib, Mesaieed North, Al Ruhaia and The Pearl.
During the first quarter of 2012, Woqod commissioned two petrol stations at Muaither and Seyleiah.
Two Sidra centres for providing retail services are being set up at Katara Cultural Village and Woqod Tower in West Bay. These will be completed in the second half of this year.
One Sidra store was completed and commissioned at the Education City (Qatar Foundation).
Al-Sobai said work on the Woqod Tower, which will be the company’s headquarters at Dafna, is almost completed and currently unergoin furbishing. Woqod Tower will be commissioned during the second quarter of 2012.
Woqod’s product supply pipeline project is currently executed by Qatar Petroleum.
The first phase that includes the laying of an 18-inch pipeline to carry all types of petroleum products from Mesaieed Refinery to Doha Depot has been completed.
The second phase, which intends to supply the New Doha International Airport with jet fuel will be completed and commissioned before NDIA opening.
He said Woqod’s brand of lubricants have been widely accepted by local and regional markets.
Contracts for distribution have been signed in Iraq, the UAE, Kuwait and Jordan. Other agreements are expected to be signed with local and foreign agents.