Qatar Fuel (Woqod) made significant achievements in the year 2018, including the opening of 32 new petrol stations within a year, which helped the company to consolidate its position to remain the sole fuel distributor in the country. The company is expected to open 30 additional new petrol stations in 2019, said a top official of the company, yesterday.
With the 62 percent increase in the number new Woqod petrol stations and dispensers, the company’s market share for retail fuel has grown to 70 percent. Woqod, despite the rise in fuel prices, saw record fuel sales of 10 billion litres in 2018.
“The Woqod Group went on during the year 2018 with the mobilisation of its efforts in furtherance of the accomplishment of its plans and consolidating its role as a sole local fuel distributor, and endeavouring to increase its stake in the market of transportation and distribution of petroleum products, natural gas, bunker fuel and bitumen, through the implementation of various projects, and provision of necessary infrastructures and contractual frameworks,” Ahmad Saif Al Sulaiti, the Chairman of the Board of Directors of Woqod, said in his address to shareholders at the Company’s Annual General Meeting, yesterday.
Al Sulaiti added: “The Company has deployed its efforts for consolidating its core activities of distribution and marketing of petroleum products along with associated activities. This has been positively reflected in the various performance indicators.” The Woqod shareholders yesterday approved all the items on the agenda of the AGM, including the Board of Directors recommendation for the distribution of cash dividends of QR795m representing 80 percent of the nominal paid-up capital (QR8 per share).
Woqod Group’s net profit (excluding minority rights) for 2018 amounted to QR1.16bn, up by over 20 percent compared to QR964m in 2017. Earnings per share (EPS) amounted to QR11.7 compared to QR9.7 for previous year.
Al Sulaiti also noted that the Qatar economy is steadily progressing towards the achievement of its prescribed objectives and out-performing the targeted growth rates, thanks to the prudent policies of the State and the leadership.
Saad Rashid Al Muhannadi, CEO of Woqod, commenting on the financial performance of the company, said that these positive results are largely attributable to the policies adopted by the company during the last two years towards the enhancement of capability and efficiency and cost optimisation in the operations of the company.
“In 2019, Woqod will complete the construction and operation of 30 new fuel stations in different areas of Qatar. The construction contracts for these stations have already been signed. Woqod will thus be doubling the number of fuel stations, owned by the company until 2017, in only two years. This shows our commitment to our customers and will certainly have a positive impact in the provision of services.” On the Bitumen Facilities Expansion Project, the Bitumen tanks providing 15,000 MT of storage capacity have already been completed. This expansion will allow Woqod to retain its market share and deliver the products to customers in a timely manner and for competitive prices, and will also contribute to the optimisation of cost of storage services on board vessels. The remaining parts of the project will be finalised by the coming April 2019.
Source from: The Peninsula