Qatar Fuel Company (WOQOD) on Wednesday announced its financial results for the 1st half of the year 2019 ending 30 June 2019, where the Groups net profits (excluding minority rights) amounted to QR 548 million compared to QR. 503 million for the same period in 2018, showing an increase of QR. 45 million or 9%.
Earnings Per Share for the period, amounted to QR. 0.55 per share compared to QR. 0.51 per share for the same period of the year 2018, also showing a 8% increase.
The achieved increase in profit levels is attributable to the increase in sales as well as the efforts exerted towards enhancing the capability and efficiency of the Group activities and business operations and to the reduction of General and Administrative expenses.
In respect of projects, the number of WOQOD operated fuel stations amounted to 85 stations compared to 58 stations for the same period of the year 2018. Additionally WOQOD has signed new contracts to build 29 petrol station during the second half of 2019, taking the number of stations to 114 stations by the end of 2019 which will result into doubling the number of operating stations.
The construction of new petrol stations contributed to the increase of WOQOD share of petroleum products retail distribution market to 80% at the end of the first half of 2019, compared to 62% for the corresponding period of 2018.
With regard to the Groups operations, the Group achieved 2% overall growth in total sales volumes during the period compared to the same period last year, which comprises of Jet A1 sales increase by 7%, Bitumen by 2%, LPG by 3%, Natural Gas & Compressed Natural Gas by 58% and Heavy Fuel Oil by 62%. Diesel sales volumes declined by 8%. The growth is attributable to market factors and the efficiency and promptness of the supply chain.
Retail sales volumes of petroleum products has achieved an overall increase of 29%, wherein diesel increased by 11%, Super Gasoline by 47% and Premium Gasoline by 29%, while other retail sales revenue, including Sidra stores, grew by 13%.
Managing Director & CEO, noted that WOQOD, Engineer Saad Rashid Mohammed Al-Muhannadi has undertaken the necessary measures for splitting the nominal value of shares from QR. 10 to QR. 1 per share to comply with the requirements of Qatar Financial Markets Authority (QFMA). This will ensures adequate liquidity of its shares in the Qatar Exchange. He also noted that WOQOD is now included in two international indices viz. FTSE and MSCI.
He further emphasized that the Group management and Board of Directors will exert their best efforts to maintain and consolidate the company profitability and its position as a sole downstream oil & gas distribution company in the State of Qatar, in order to achieve company vision, mission and strategic objectives as a pioneer company in the region, as well as the development of a strong, modern and robust downstream oil & gas distribution sector of international caliber in furtherance of the State of Qatar overall infrastructure modernization plan.
Qatar Fuel Company (WOQOD) with code name "QFLS" on Qatar Exchange, is a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products & gas including airports and seaports.
Source: QNA
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