Woqod Group has reported net profit of QR270mn, translating into QR0.27 earnings-per-share in the first six months of this year.
"The company will continue to increase the levels of implementation of its efficiency and cost optimisation initiative as this will further improve the returns for the company and its shareholders," according to Saad Rashid al-Muhannadi, Woqod managing director and chief executive.
The profitability however weakened, partly attributed to the market slow down prompted by Covid-19 spread and partly on supply-demand chemistry of petroleum products, a company spokesman said after its board meeting Wednesday.
The decrease of petroleum product distribution margins is also a reason for the decline in net profits and earnings-per-share.
The overall sales of petroleum products shrank 22% year-on-year due to the pandemic impact. Diesel and super gasoline sales were down 12% and 22% respectively, premium gasoline sales by 14%, and jet fuel volumes by 28%, driven by the reduced operations of Qatar Airways and private airlines due to the suspension of air traffic in most countries globally.
Bitumen sales have fallen by 66%, driven by market situations such as pandemic and the completion of the major projects. The liquefied petroleum gas sales decreased by 3% compared to the comparable period of 2019, and the decrease is attributed to the factors of supply and demand.
Refined petroleum products' retail sales through petrol stations fell 8% year-on-year as a consequence of the low consumption.
However, earnings from bunkering fuel increased by 12% on yearly basis and retail non-fuel revenue, including Sidra Sales, by 8%, driven by the opening of new stations and higher footfall in C-stores.
Woqod said petrol stations operated by it at the end of June totaled 104, whereas the company intends to add eight more stations by the end of this year.
During the second quarter of this year, Woqod had acquired two new bunker fuel ships to support the bunkering activity that the group is undertaking in co-operation, co-ordination and partnership with Qatar Petroleum.
The profitability however weakened, partly attributed to the market slow down prompted by Covid-19 spread and partly on supply-demand chemistry of petroleum products, a company spokesman said after its board meeting Wednesday.
The decrease of petroleum product distribution margins is also a reason for the decline in net profits and earnings-per-share.
The overall sales of petroleum products shrank 22% year-on-year due to the pandemic impact. Diesel and super gasoline sales were down 12% and 22% respectively, premium gasoline sales by 14%, and jet fuel volumes by 28%, driven by the reduced operations of Qatar Airways and private airlines due to the suspension of air traffic in most countries globally.
Bitumen sales have fallen by 66%, driven by market situations such as pandemic and the completion of the major projects. The liquefied petroleum gas sales decreased by 3% compared to the comparable period of 2019, and the decrease is attributed to the factors of supply and demand.
Refined petroleum products' retail sales through petrol stations fell 8% year-on-year as a consequence of the low consumption.
However, earnings from bunkering fuel increased by 12% on yearly basis and retail non-fuel revenue, including Sidra Sales, by 8%, driven by the opening of new stations and higher footfall in C-stores.
Woqod said petrol stations operated by it at the end of June totaled 104, whereas the company intends to add eight more stations by the end of this year.
During the second quarter of this year, Woqod had acquired two new bunker fuel ships to support the bunkering activity that the group is undertaking in co-operation, co-ordination and partnership with Qatar Petroleum.