Woqod posts net profit of QR460mn in H1; recommends QR0.48 interim dividend

Woqod – which has exclusive concession in Qatar to distribute, sell, transport and market refined petroleum products and gas to airports and seaports – has reported net profit of QR460mn, translating into earnings-per-share of QR0.48 in the first six months of this year.

However, net earnings were down 4.5% on an annualised basis, mainly due to decrease in sales volume. But the company decided to distribute an interim cash dividend of QR0.4 per share.

As for the petrol station project, Saad Rashid al-Muhannadi, chief executive officer and managing director of Woqod, said a new station Al Naqian-2 has been added to the network.

The construction of petrol stations is a dynamic activity, according to the requirements of demand, he said, adding Woqod, in co-operation with Kahramaa, has completed the installation of 25 electric vehicle (EV) charging stations at 19 petrol stations as well as working on many initiatives to improve the non-fuel revenues.

"Woqod will move forward in enhancing the benefits of its valued shareholders and all stakeholders by taking appropriate initiatives in developing the downstream oil and gas sector within the framework of the state’s general policy of modernisation and development and strengthening the pillars of the country’s national economy,” he said.