DOHA: Qatar Fuel (Woqod) posted a net profit of QR540.9m for the first half of 2015 (H1, 15), up QR10.9m or two percent as compared to QR530m for the same period of 2014. Earnings per share (EPS) reached QR6.40 from QR6.28 recorded for the same period last year.
The results were announced after Woqod’s Board of Directors meeting, chaired by Sheikh Saoud bin Abdulrahaman Al Thani, the Chairman of the Board of Directors, on Tuesday.
Announcing the financial results, Chief Executive Officer, Ibrahim Jaham Al Kuwari said Woqod’s total assets reached QR9.8bn as it decreased by 5.8 percent compared to the same period last year, while total shareholder’s equity increased by 6.1 percent as it reached QR6.5bn for the same period.
Al Kuwari said total volume sales of petroleum products (diesel, petrol and jet fuel) reached 3,986 million litres with an increase of 15.4 percent during the first half, compared to the same period last year.
Sales is expected to increase significantly during the coming period after the commissioning of Hamad International Airport.
LPG sales grew by nine percent and the number of cylinders refilled and sold reached 2.6 million units for metal and 964,000 for Shafaf (12.6 kg).
For bitumen sales, Woqod started an expansion project for increasing storage and distribution capacity of bitumen, including purchasing a new ship for this purpose.
This will result in a dramatic increase in the sales of bitumen in the coming period. A contract for supply Bitumen 60/70 and modified (Polymer) is expected to be signed during the second half of 2015.
Al Kuwari said Woqod is currently involved in implementation of more than 30 projects, 14 of them are under construction, and the rest are in tendering stages, in addition to 17 projects for expansion and others.
There are 25 new slots of land currently under consideration for allocation.
Three petrol stations were officially inaugurated during the first half of the current financial year. 13 projects are progressing in different areas such as: Al Wakra, Al Uqla (Lusalil), Al Thakheera, Al Musahabia, Al Shamal City, Al Rayyan New, Sodanatheel, Ein Sinan (Faliha), Ben Dirham, Hamad International Airport, Sumaismeh and Abu Nakhla. Nine projects will be opened in 2015 while completion is expected at the beginning of 2016.
There are currently 11 stations in the tendering stage in different areas such as: Al Muntaza, Mushareb (Al Rayyan Road), Old Ghanim, Old Airport Raod (Um Ghwalina), Al Thumama, Old Al Rayyan (Green Carpet), Al Karana, Al Wukair, Al Mushaf, Wadi Abu Saleel and Wadi Um Karn. These projects will be completed in the mid of 2016.
Five petrol stations are in design stages in the areas of Al Khor, Al Wakra South, Al Mazrooa, Madina Al Wseel and Ras Laffan. Completion of these projects is expected during 2016.
Twenty-Five locations are currently under review with the Ministry of Municipality for Woqod’s future projects. These projects will cover new areas such as the South Motorway and Doha express road.
After the completion of Al Hilal and Al Thayeen expansions, seven expansion projects are currently in the final stages at the petrol stations in Ain Khalid, Muaither, Al Seliya, West Bay, Wadi Al Banat, Mesaimeer east, Al Gharafa. Completion is expected in 2015.
Four new projects for establishing C-Store at Hamad Hospital, Aamal Tower, Barwa City and Barwa Commercial are in design and tendering stages. They are expected to be completed during the end of 2016.
After the inauguration of Fahes centres (vehicle inspection centres) at Wadi Al Banat and Al Mamoura, six new centres at Al Shehaniah, North City, Al Khor, Al Shamal, Al Wakra, Al Wukair and Al Mazroah are currently in design stages. They are expected to be commissioned in 2016.
Wopqod’s marketing activities include sales of Sidra C-Stores, car wash, workshops tires and repair, lubricant change and other services. The total volume of sales for all these activities has averaged at a growth rate of 6.4 percent in H1, 2015.
