Woqod nine-month net up 3.36% to QR884.8mn

Sheikh Saoud and al-Kuwari: Ongoing projects.

Woqod has posted a net profit of QR884.8mn in nine months up to September, up QR28.7mn or 3.36% during the same period in 2014. The results were announced by Woqod CEO Ibrahim Jaham al-Kuwari after a meeting of the company’s board of directors chaired by chairman Sheikh Saoud bin Abdulrahaman al-Thani here recently. Earnings per share (EPS) amounted to QR10.48 compared with QR10.14 for the same period last year.Al-Kuwari said Woqod is currently involved in the implementation of some 19 projects, which are under construction and three in the design and approval stages, in addition to six projects in the tendering process.Woqod said it is currently coordinating with the Ministry of Municipality and Urban Planning for the allocation of 25 plots of land for new projects in different areas across Qatar.  These include new fuel stations, Fahes (vehicle inspection) and Sidra stores. Woqod said four new fuel stations at Al Wajba, Lejmelia, Qutayfia, and Al Wakrah will be inaugurated this year. Seven fuel stations at New Rayyan, Al Thakeera,  Smaisma, Ben Dirham, Sodanatheel, Ain Sinan, and  Al Mesahabia  are close to completion. As many as 12 new fuel stations will be opened in 2016. These will be located at Al Thameed, Abu Nakhla, Al Muntazah, Meshaireb–Al Rayyan Street, Old Al Ghanem, Doha Airport- Um Ghowailina, New Hamad Airport, Al Okla-Lusail, North City, Al Bisat Al Akhthar, Al Khor and Wadi Abu Saleel.Six Woqod projects at Al Thumama, Al Hadarmah, Umm Qarn, Al Karaana, Al Moshaf, Al Wukair and South Wakrah are in the tendering stage and the company said “construction could start before the end of 2015.”Woqod said some of its fuel station projects are in the “design and approval” stages. These are planned to be set up at Al Mazroaah, Ras Laffan and Al Wsail- Jabal Thaalab.The Ministry of Municipality is currently reviewing some 25 locations across Qatar for various Woqod projects.Following the completion of five expansion projects this year, another five such projects (for existing fuel stations) are currently gaining pace at Al Sayliah, West Bay, Wadi Al Banat, Mesaimeer East and Al Gharrafa.  These are expected to be completed either before the year-end, or in early 2016. Four new projects for establishing C-Store at Hamad Hospital, Aamal Tower, Barwa City and Barwa Commercial are in the design and approval stages. These are expected to be completed either by the year-end or in early 2016. Five new Fahes centres are currently in the design stage, Woqod said. These will be located at Al Sheehaniah, North City and Al Khor, Al Wukair and Al Mazrooa and are expected to be commissioned in 2016. “New inspection lines will be established in existing petrol stations wherever space is available,” Woqod said. Woqod said the company registered a growth of 5% in some of its business activities such as Sidra C-Stores, car wash, workshops and lubricant change.Another major business activity in which Woqod is engaged in is LPG cylinders’ refilling and distribution. During the last nine months, Woqod refilled and sold reached 1.23mn metal cylinders and 484,000 Shafaf units.  Woqod also registered total sales of 2.2mn litres of petroleum products (diesel, gasoline and jet fuel) in nine months up to September, which represents a nearly 14% growth compared with the same period last year.