Woqod chairman Saad Rashid al-Muhannadi said the company’s QR202mn profits reported in the second quarter of 2018 increased by 3% compared to the QR197mn recorded in the same period last year.
The increase in profits was attributed to efforts to enhance capability and efficiency of Woqod’s business activities and operations pursuant to an optimisation study duly carried out and implemented effective from the first half of 2017, according to al-Muhannadi.
He noted that the operational costs and expenses were significantly reduced during the first half of 2018, resulting in additional income worth QR72mn.
The increase in net profits in H1 2018 was attributed to the optimum utilisation of company-owned infrastructure projects and means of logistic supports comprising vessels, storage tanks, tanker trucks, and other facilities, said al-Muhannadi, who further stressed that the efficient management of investments enabled the company to achieve significant growth in investment revenues.
Al-Muhannadi said earnings per share stood at QR5.06 by the end of H1 2018 as compared to QR3.75 in H1 2017.
On company projects, al-Muhannadi said the first half of 2018 witnessed the completion and operation of six new stations, including one mobile station, namely Al Eqla station in Lusail, Al Thameed station in Al Refaa, Al-Thumama station along F Ring Road, Mowater City station on Salwa road, New Eslatah station, and a mobile station on Al Mazrooaa.
Woqod is currently operating 60 stations across the country, he said, adding that 26 more petrol stations are currently being built by Woqod. “It is anticipated that many of these stations will be completed and fully operated by the end of this year.”
Al-Muhannadi said the Bitumen Facilities project under construction by Woqod within Messaied Industrial City is in the final stage of completion.
“Woqod is in pursuit of its role as an excellent service provider by enhancing customer satisfaction and rendering its services to them in a smooth and convenient manner by adding more dispensers within its new stations under construction.
“This has a positive effect in saving customer’s time and effort. Woqod customer satisfaction objective prompted it to operate mobile stations as and where the need arises for such service, particularly in areas where there is a private petrol station close out,” al-Muhannadi said.
According to al-Muhannadi, sales volumes grew for most of the products; the average increase in the total sales volumes of petroleum products was 1.1% in comparison with the first half of 2017.
He said jet fuel increased by 9.2%, bitumen (65.7%), LPG gas (13.6%), and sales volumes for HFO increased by 100% as compared to same period last year. Retail sales volumes of petroleum products increased by 13.2%, while non-oil retail revenue, including Sidra Stores grew by 7.2%. He also noted that Fahes revenues increased by 15.6% compared to the first half of 2017.
Al-Muhannadi noted that Woqod raised the maximum limit for individual ownership in Woqod share capital to 1% and raised the permissible percentage of ownership of non-Qataris to 49%.
“Woqod has completed the necessary legal procedures for the implementation of the new ownership percentage rates. The management of the company and its board of directors will undertake every effort to stimulate and build a robust and sustainable downstream oil and gas distribution sector within the State of Qatar through the utilisation and implementation of latest international standards in furtherance of public policy objectives in modernising general services infrastructure and utilities, and providing the best services to the state of Qatar, its citizens, and residents while achieving the best results for its shareholders,” al-Muhannadi stressed.