Qatar Fuel Company (Woqod) yesterday reported net profit (excluding minority rights) of QR263m for the first quarter ended March 31, 2022, compared to QR253m in the same period previous year, registering an increase of QR10m or 4 percent. The earnings per share for the period amounted to QR0.26 compared to QR0.25 for the same period of last year
2021.
Woqod’s Board of Directors had held its second meeting for the year 2022 yesterday under the chairmanship of Ahmed Saif Al Sulaiti. The Board discussed the performance of the business operations and the financial results of Woqod Group for the first quarter of the year 2022 ended on 31 March 2022, compared to the same results achieved in the corresponding period of the year 2021.
The increase in net profit and earnings per share compared to the same period in 2021 was due to the relative increase in sales of petroleum and non-petroleum products, where Saad Rashid Al Muhannadi, CEO and Managing Director indicated that there was a 10 percent increase in total sales of petroleum products.
Al Muhannadi also explained that the number of Woqod operating stations reached 119 by the end of the first quarter of 2022 and is expected to reach 129 by the end of 2022. He further explained that Woqod has a dynamic plan in the construction of the new petrol stations that is being reviewed periodically according to the conditions of fuels demand and the need for fuel
stations.
On the other hand, Al Muhannadi explained that Woqod has been classified by Brand Finance among the top 10 most valuable brands in the oil and gas sector in the Middle East, and that Woqod Group has received an ISO certificate in business continuity management.
In conclusion, Al Muhannadi assured that Woqod Group will exert all efforts to maintain and enhance the service levels, continue to focus on the efficiency improvement and operational excellence, and take all other viable measures in furtherance of the Group profitability and the achievement of its vision, mission and strategic goals as a pioneer downstream oil and gas company, and to build a modern, robust and state-of-the-art petroleum products distribution sector within the country, in order to keep pace with the general policy of the State of Qatar in the modernization of infrastructure facilities, and to provide the best services according to the best QHSSE standards, and achieve the best results for its valued shareholders.
