Qatar Fuel Company, hereinafter referred to as (WOQOD) or “WOQOD Group” or “the Group”, with code name “QFLS” on Qatar Stock Exchange, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products and gas within State of Qatar, including airports and seaports, either by itself or through subsidiary companies “QJET, FAHES & WOQOD Marine”, announced that its Board of Directors held its fourth meeting for the year 2023 at 1:30 pm yesterday under the chairmanship of Ahmed Saif Al Sulaiti.
The meeting was held remotely through the utilisation the Video Call facility. The Board discussed the performance of the business operations and the financial results of WOQOD Group for the first quarter of 2023 ended on March 31 compared to the same results achieved in the corresponding period of the year 2022.
WOQOD Group net profit for the period (excluding minority rights) amounted to QR223m, compared to an amount of QR263m achieved in the same period in the year 2022, with a decrease of QR40m representing a decrease rate of -15 percent.
The earnings per share for the period amounted to QR0.22 compared to QR0.26 for the same period of last year 2022. The decrease in net profit and earnings per share compared to the same period in 2022 was driven by the lower sales volumes of Diesel and associated incomes as well as reduction in fuel prices. Improved income from other segments contributed to offset some of the impacts from lower Diesel sales volumes.
Managing Director and Chief Executive Officer Saad Rashid Al Muhannadi indicated that the first quarter of 2023 witnessing the construction and operation of two petrol stations. Al Muhannadi also explained that during the first quarter of 2023, the company managed to install 10 electric charging points in 7 petrol stations in coordination with KAHRAMAA, noting that the installation activities of 6 other charging points in three stations as per the approved plan.
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.
Al Muhannadi assured that during the coming period, the company intends to work on a set of new initiatives to develop its non-petroleum activities in order to enhance the revenue from this sector, pointing out 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.
