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Tribune news network
Doha
Qatar Fuel (Woqod ) has reported a net profit of QR872 million for the third quarter ending September 30, 2019, an increase of 5.6 percent compared to the same period in 2018, the company announced in a statement on Wednesday.
Woqod said the increase in net profit is attributable to the increase in sales, particularly retail sales, combined with the efforts exerted towards enhancing the capability and efficiency of the group activities, business operations, reduction of general and administrative expenses and good investment returns.
Earning per share for the period amounted to QR0.88 compared to QR083 per share for the same period of the year 2018. This represents an increase rate of 6 percent.
The company has constructed and opened seven new petrol stations until September 2019, and is intending to complete the construction and operation of another 22 stations by the end of 2019.
The total number of Woqod-operated fuel stations reached 90 by the end of Q3 and will aggregate 112 stations by the end of 2019.
Consequently, Woqod said it will be doubling the number of fuel stations built in 15 years (2002-2017), in just two years (2018-2019).
The construction of new petrol stations contributed to the increase of Woqod’s share of petroleum products retail distribution market to 84 percent at the end of the third quarter of 2019, compared to 68 percent for the corresponding period of 2018.
The newly built stations have increased the daily retail network sales by 28 percent, in comparison with the corresponding period of the year 2018.
With regard to the group’s operations, the third quarter has witnessed a 2 percent overall growth in total fuel sales volumes compared to the same period last year.
Jet A1 sales increased by 7 percent, bitumen by 3 percent, liquid petroleum gas (LPG) by 3 percent, natural gas & compressed natural gas by 50 percent and heavy fuel oil by 36 percent. Diesel sales volumes declined by 9 percent. The growth is attributable to macro-economic factors, whereas the decrease in diesel sales was attributable to the decrease of bulk quantities ordered by
projects.
Retail sales volumes of petroleum products has achieved an overall increase of 28 percent. Retail diesel sales increased by 12 percent, super gasoline by 45 percent and premium gasoline by 27 percent, while other non-petroleum retail sales revenue, including Sidra stores, grew by 14 percent, the statement said.
Woqod said the increase of retail sales was attributable to the opening and operation of additional petrol stations, as well as the promotions availed to customers.
Woqod Managing Director and CEO Saad Rashid al Muhannadi noted that the third quarter of the year 2019 has witnessed Woqod’s issuance of a number of policies and procedures mandated by the corporate governance code for listed companies and listed legal entities.
He said Woqod has concluded a number of agreements and arrangements with major suppliers, consumers manufactures and service provider, with strict emphasis on the memorandum of understanding signed with Almeera for the management and operation of Woqod’s current and prospective Sidra retail outlets.
He said, “The company also signed an agreement with Shell for providing Woqod with Shell’s high quality and pure automotive lubricating oils.”
Doha
Qatar Fuel (Woqod ) has reported a net profit of QR872 million for the third quarter ending September 30, 2019, an increase of 5.6 percent compared to the same period in 2018, the company announced in a statement on Wednesday.
Woqod said the increase in net profit is attributable to the increase in sales, particularly retail sales, combined with the efforts exerted towards enhancing the capability and efficiency of the group activities, business operations, reduction of general and administrative expenses and good investment returns.
Earning per share for the period amounted to QR0.88 compared to QR083 per share for the same period of the year 2018. This represents an increase rate of 6 percent.
The company has constructed and opened seven new petrol stations until September 2019, and is intending to complete the construction and operation of another 22 stations by the end of 2019.
The total number of Woqod-operated fuel stations reached 90 by the end of Q3 and will aggregate 112 stations by the end of 2019.
Consequently, Woqod said it will be doubling the number of fuel stations built in 15 years (2002-2017), in just two years (2018-2019).
The construction of new petrol stations contributed to the increase of Woqod’s share of petroleum products retail distribution market to 84 percent at the end of the third quarter of 2019, compared to 68 percent for the corresponding period of 2018.
The newly built stations have increased the daily retail network sales by 28 percent, in comparison with the corresponding period of the year 2018.
With regard to the group’s operations, the third quarter has witnessed a 2 percent overall growth in total fuel sales volumes compared to the same period last year.
Jet A1 sales increased by 7 percent, bitumen by 3 percent, liquid petroleum gas (LPG) by 3 percent, natural gas & compressed natural gas by 50 percent and heavy fuel oil by 36 percent. Diesel sales volumes declined by 9 percent. The growth is attributable to macro-economic factors, whereas the decrease in diesel sales was attributable to the decrease of bulk quantities ordered by
projects.
Retail sales volumes of petroleum products has achieved an overall increase of 28 percent. Retail diesel sales increased by 12 percent, super gasoline by 45 percent and premium gasoline by 27 percent, while other non-petroleum retail sales revenue, including Sidra stores, grew by 14 percent, the statement said.
Woqod said the increase of retail sales was attributable to the opening and operation of additional petrol stations, as well as the promotions availed to customers.
Woqod Managing Director and CEO Saad Rashid al Muhannadi noted that the third quarter of the year 2019 has witnessed Woqod’s issuance of a number of policies and procedures mandated by the corporate governance code for listed companies and listed legal entities.
He said Woqod has concluded a number of agreements and arrangements with major suppliers, consumers manufactures and service provider, with strict emphasis on the memorandum of understanding signed with Almeera for the management and operation of Woqod’s current and prospective Sidra retail outlets.
He said, “The company also signed an agreement with Shell for providing Woqod with Shell’s high quality and pure automotive lubricating oils.”
