Doha: Qatar Fuel Company (Woqod), yesterday reported QR461m net profit (excluding minority rights) for the six months ended June 30, 2021 compared to QR270m in the same period of the year 2020, showing an increase of QR191m, representing a rise of 71 percent.
The earning per share for the period amounted to QR0.46 per share compared to QR0.27 for the same period of the last year.
Woqod Group’s Board of Directors chaired by Ahmed Saif Al Sulaiti approved the financial results of Woqod Group for the first half of the year 2021 ended on June 30, 2021.
The increase in net profit 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 Corona pandemic, coupled with the increased efforts exerted towards implementing the Group already approved efficiency policy in the Group’s business.
In the field of the petrol stations project, Saad Rashid Al Muhannadi pointed out 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, and explained that the company plans to add four more stations by the end of this year and the number will rise to 111 stations, while the company plans to build seven petrol stations in 2022, to bring the number of stations to 118 stations.
As a result of the increase in petrol stations numbers, Woqod share in the fuel products retail market has reached 85 percent, which is expected to reach 90 percent over the next few years.
Al Muhannadi explained that in order to increase the effectiveness in the Technical Inspection Centers, 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 Centers, especially in high-density centers, where working hours in some centers such as Mesaimeer and Wadi Al Banat reached 18 hours per day.
In conclusion, Al Muhannadi indicated that Woqod has been closely monitoring the developments of the Corona pandemic and working with its partners to coordinate the combating 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 for the time being in force in the petroleum products industry, in order to implement the best standards and measures issued in this regard.
