Qatar Fuel Company (Woqod Group) has reported QR461 net profit for the first half of 2021, a 71% increase, or QR191mn, over the QR270mn achieved in the same period last year.
The company announced that its board of directors, chaired by Ahmed Saif al-Sulaiti, approved Woqod Group’s financial results for the first half of the year ended on June 30, 2021.
Earnings per share for the period amounted to QR0.46 compared to QR0.27 for the same period last year. The increase in net profit (excluding minority rights) and earnings per share was due to a noticeable improvement in the performance of most of the group's activities and sales in conjunction with the signs of recovery from the Covid-19 pandemic, coupled with the increased efforts exerted towards implementing the group already approved efficiency policy in the group's business.
On Woqod’s petrol stations project, managing director and CEO Saad Rashid al-Muhannadi said that since the beginning of 2021 to date, the company has opened two petrol stations, bringing the number of stations currently operated by the company to 107.
He noted that the company plans to add four more stations by the end of this year for a total of 111. Woqod plans to build seven more petrol stations in 2022 to bring the number of stations to 118, al-Muhannadi said.
As a result of the increase in petrol stations numbers, Woqod’s share in the fuel products retail market has reached 85%, which is expected to touch 90% over the next few years.
Al-Muhannadi said, “In order to increase the effectiveness in the technical inspection centres, the company, in coordination with the General Directorate of Traffic, took appropriate measures to avoid any wait for our valued customers, and has increased the working hours of technical inspection centres, especially in high-density centres, where working hours in facilities, such as Mesaimier and Wadi Al-Banat reached 18 hours per day.”
He added that Woqod has been closely monitoring the developments of the pandemic and that the company is working with its partners to prevent the spread and limiting the negative effects of Covid-19.
Woqod had issued and applied a suitable, flexible, and effective business plan to ensure the continuity of its activities throughout the country on regular basis and in line with the health, safety, security, and environmental sanitation procedures and standards being enforced in the petroleum products industry to implement the best standards and measures.
Woqod has an exclusive concession in Qatar to distribute, sell, transport, and market refined petroleum products and gas within the country, including airports and seaports, either by itself or through subsidiary companies QJET, Fahes, and Woqod Marine.
Earnings per share for the period amounted to QR0.46 compared to QR0.27 for the same period last year. The increase in net profit (excluding minority rights) and earnings per share was due to a noticeable improvement in the performance of most of the group's activities and sales in conjunction with the signs of recovery from the Covid-19 pandemic, coupled with the increased efforts exerted towards implementing the group already approved efficiency policy in the group's business.
On Woqod’s petrol stations project, managing director and CEO Saad Rashid al-Muhannadi said that since the beginning of 2021 to date, the company has opened two petrol stations, bringing the number of stations currently operated by the company to 107.
He noted that the company plans to add four more stations by the end of this year for a total of 111. Woqod plans to build seven more petrol stations in 2022 to bring the number of stations to 118, al-Muhannadi said.
As a result of the increase in petrol stations numbers, Woqod’s share in the fuel products retail market has reached 85%, which is expected to touch 90% over the next few years.
Al-Muhannadi said, “In order to increase the effectiveness in the technical inspection centres, the company, in coordination with the General Directorate of Traffic, took appropriate measures to avoid any wait for our valued customers, and has increased the working hours of technical inspection centres, especially in high-density centres, where working hours in facilities, such as Mesaimier and Wadi Al-Banat reached 18 hours per day.”
He added that Woqod has been closely monitoring the developments of the pandemic and that the company is working with its partners to prevent the spread and limiting the negative effects of Covid-19.
Woqod had issued and applied a suitable, flexible, and effective business plan to ensure the continuity of its activities throughout the country on regular basis and in line with the health, safety, security, and environmental sanitation procedures and standards being enforced in the petroleum products industry to implement the best standards and measures.
Woqod has an exclusive concession in Qatar to distribute, sell, transport, and market refined petroleum products and gas within the country, including airports and seaports, either by itself or through subsidiary companies QJET, Fahes, and Woqod Marine.