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Woqod Declares A Net Profit Of QR373mn In The First Half Of 2017

Photo: Qatar Tribune

Qatar Fuel Company (Woqod) reported a net profit of QR373mn for the first half of the year, which is a decrease of 31 percent compared to the first half of previous year. Woqod CEO Saad Rashid al Muannadi believes that the change in the new terms for fuel supplies is the reason for decrease in numbers.

“Increase in the National Pension Funds contributions as per the current legislation and the decline in the value of investment in shares, also contributed to the decline in earnings,”Muhannadi pointed out. Woqod will make all efforts to improve the results in future, he said.

A total of four fuel stations were opened in the first half, while eight are under construction and 14 are under tendering and designing stage. Speaking about the station expansion, he said that two expansions have been completed and three are on the verge of completion.

He revealed that Woqod is consulting the municipality for the allocation of 26 locations for the construction of fuel stations.

Meanwhile, Woqod’s retail sales went up by 7 percent when compared with the previous year. The company’s retail activities include Sidra stores, car wash (manual and automatic), workshop, tyres, oil change and other services.

The sale of metallic cylinders declined to 1.3 million, whereas sale of SHAFAF cylinders (6 and 12 Kg) more than doubled, exceeding 3.2 million cylinders as a result of the promotional campaign to replace metallic cylinders with SHAFAF cylinders, Woqod said.

Coming to the bitumen sales, type 60/70 posted an unprecedented rise of 168 percent while the sales of type polymer PMB increased by 14 percent compared to the previous year.

Woqode – the electronic payment system was introduced in January 2016, which workd through an electronic RFID chip tag fitted in the vehicle’s fuel tank. The number of tags installed during the first half of 2017 reached 20,525, an increase of 12 percent over the half of 2016, the company said.

The total sales volume of petroleum products (diesel, gasoline and jet fuel) exceeded 4,760 million litres with an increase of 5 percent in the first half of 2017 as compared to the same period last year, the company said.
Jet fuel accounted for 45 percent of the total sales volume followed by diesel (29 percent) and gasoline (26 percent), Woqod said.

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