Doha, Qatar: Qatar Fuel Company (WOQOD) announced that its Board of Directors held its second meeting for the year 2026 at 1:30 PM 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 (Q1) ended on 31 March 2026,compared to the results achieved in the corresponding period of the year 2025.
Woqod Group net profit for the period (excluding minority rights) amounted to QR163m, compared to an amount of QR230m achieved in the same period in the year 2025, representing a decrease of 29%.
The earnings per share for the period amounted to QR0.16per share compared to QR0.23 for the same period of last year. The decrease in net profit and earnings per share was attributable to a 15% decrease in total fuel sales during the first quarter of 2026 and in jet fuel sales, which decreased significantly in March 2026 by 87% as compared to March 2025 due to the current regional war conditions.
In respect of petrol station projects Saad Rashid Al-Muhannadi, Managing Director & Chief Executive Officer indicated that the company has awarded contracts for the construction of three new petrol stations, in addition to three stations currently in the tendering phase, and three more stations are in the development and modernization stage in accordance with the required technical standards. Al-Muhannadi further indicated that Woqod has a dynamic plan for the construction of new petrol stations that is being reviewed periodically according to demand conditions and the need for petrol stations.
On the other hand, Al-Muhannadi explained that the Board has reconstituted the Audit and Nomination, Remuneration and Incentives Committees, and has defined their tasks and responsibilities in accordance with the directives of QFMA Governance Code No. 5 of 2025.
In conclusion, Al-Muhannadi assured that WOQOD is based on solid and strong pillars which enables the company to oversee the role it has set for in the country’s strategic map,i.e. the building of a modern and robust distribution sector within the country, in furtherance at the general policy of the State of Qatar in the modernization of infrastructure facilities, as well as providing its services according to the best QHSSE standards, and achieving the best results for its valued shareholders.
