Qatar Fuel Company (Woqod) reported a QR226mn net profit for the first quarter of 2020 during the second meeting of its board of directors held on Wednesday, according to a statement.
The meeting, presided over by Woqod chairman Ahmed Saif al-Sulaiti, was held via video conference to comply with governmental restrictions issued to combat the spread of the coronavirus disease (Covid-19).
The meeting discussed Woqod Group’s QR226mn net profit for Q1 2020, which dropped by QR101mn, or 31%, from QR327mn achieved in the same period last year. Earnings per share in Q1 2020 amounted to QR0.23 compared to QR0.33 for the same period in 2019.
The decrease in net profits and earning per share for the period were partly attributed to the market slowdown prompted by the spread of Covid-19, and partly to supply and demand factors, where the completion of many projects that consume fuel had brought in a pro rata decrease in the overall fuel demand, the statement said.
With regard to the company's operations, Woqod managing director and CEO Saad Rashid al-Muhannadi explained that the company's overall sales decreased by 6.0% compared to the same period last year because of the Covid-19 impact.
Diesel and super gasoline sales decreased by 8.0% and 7.4%, respectively, while jet fuel volumes decreased by 6.4% driven by the reduced operations of Qatar Airways and partial operations of private airlines. Bitumen sales have decreased by 65.0% due to the market situation and the completion of consuming projects.
On the other hand, al-Muhannadi explained that premium gasoline sales increased by 0.9%, while retail non-fuel revenue and fuel retail sales increased by 5.8% and 3.5%, respectively compared to the same period last year due to the opening of new stations and higher footfall in C-stores. HFO off take increased by 39.5% driven by market demand, while LPG and natural gas sales were higher by 3.1% and 22.8%, respectively driven by market demand.
Al-Muhannadi indicated that Woqod has been working closely with its partners and stakeholders to co-ordinate the implementation all the governmental directives issued in preventing the spread of Covid-19.
At the same time, being the sole downstream oil and gas company responsible for securing a continuous and sustainable supply of petroleum products and gas to all sectors within the state of Qatar, Woqod has implemented a suitable, flexible, and resilient business continuity plan that could effectively secure a persistent nonstop countrywide distribution of these vital energy products.
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