*Woqod plans to build and operate 30 more fuel stations this year; between 2020 and 2023, Woqod plans to build another 50 fuel stations across the country, says CEO Saad Rashid al-Muhannadi
Woqod’s first quarter net profit has risen 9% (QR26mn) to reach QR327mn, Qatar’s fuel distributor said Sunday.
The results were announced by Woqod chief executive officer Saad Rashid al-Muhannadi after a meeting of the company’s board of directors presided over by chairman Ahmed Saif al-Sulaiti.
Al-Muhannadi said “the increase in profits is attributable to the efforts exerted to enhance efficiency in the business activities and operations of the company, as well as the concomitant efforts to reduce expenses.”
Operational expenses got reduced by 8% during the first quarter of 2019 compared to the corresponding period in 2018.
With regard to earnings per share, al-Muhannadi said it had reached QR3.29 in Q1, 2019 compared to QR3.03 for the first quarter of 2018.
Concerning the company's projects, the CEO said Woqod plans to build and operate 30 more fuel stations this year.
The number of fuel stations by the year-end will be 114. This means, the number of fuel stations will have more than doubled in two years – from 52 in 2017.
And between 2020 and 2023, Woqod plans to build another 50 fuel stations across the country, al-Muhannadi revealed.
With regard to the company's operations, he said Woqod achieved 3% growth in total fuel sales during the quarter under review.
Jet A1 sales increased by 9%, bitumen (17%), LPG (4%), natural gas (62%) and heavy fuel oil (44%).
The retail sales of petroleum products increased by 30%, while non-oil retail sales, including Sidra stores sales, grew by 13%.
Al-Muhannadi said the management of the company and Woqod’s board of directors will exert every effort to support building a “robust and sustainable” downstream oil and gas distribution sector in Qatar. This will be achieved 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 Qatar, its citizens and residents, while achieving the best results for its shareholders.”