Woqod net profit jumps 20% to QR1.16bn in 2018
February 25 2019 07:35 PM
Woqod's earnings per share (EPS) amounted to QR11.7 in 2018 compared with QR9.7 for the preceding ye
Woqod's earnings per share (EPS) amounted to QR11.7 in 2018 compared with QR9.7 for the preceding ye


Woqod has posted a net profit of QR1.16bn in 2018, up 20% on QR964mn in the year before.

Earnings per share (EPS) amounted to QR11.7 in 2018 compared to QR9.7 for the preceding year.

The company’s financial results were announced by Woqod chief executive officer Saad Rashid al-Muhannadi after a meeting of the its board of directors presided over by chairman Ahmed Seif al-Sulaiti on Monday.

Al-Muhannadi said shareholders equity increased by about 12% to QR8.3bn in 2018 compared to QR7.4bn in 2017.

He said, “The good results achieved in net profits and return per share are attributable to the measures taken for the enhancement of efficiency and capability in company business activities and operations, and to the efforts exerted towards cost reduction through a multi-initiative and integrated cost optimisation policy started in the year 2017 through 2018 and still being implemented in a phased manner.”

He said the board of directors’ recommendation to distribute QR8 per share, which translates into 80% of the nominal paid share capital (total dividend payout of QR795mn) will be submitted to the company’s annual general assembly meeting to be held on March 25.

The recommendation has taken into account the present liquidity status and future fund requirements for capital projects approved for the year 2019, and thereafter, he said.

Al-Muhannadi said the “Woqod's board of directors reviewed the current and future projects intended for implementation by the company in support of the comprehensive infrastructure development policy currently under implementation in Qatar.”

He explained the steps taken by Woqod in the field of Qatarisation ‎to which the company “accorded paramount importance.”

Woqod has ‎a “strategic plan for recruiting and retaining capable and qualified” Qatari employees and ‎prepare them for joining the leadership team.

A number of students are now pursuing ‎their studies on scholarships funded by the company in specialisations consonant with ‎Woqod’s business requirements. Other Qatari employees are undergoing training ‎with the objective of being recruited in different “target positions.”

Qatarisation amounted ‎to 39% within the senior staff category, and the vast majority of the higher management ‎team are from Qatari competencies, al-Muhannadi said.‎

Emphasising that the company's management and board of directors will exert all efforts to ‎realise Woqod’s “strategic vision for provision the best services” to the country, the citizens ‎and the residents, al-Muhannadi thanked all parties concerned for their “unfailing ‎support to the company in furtherance of the realisation of its objectives and ‎implementation” of vital projects.

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