DOHA: Qatar Fuel (Woqod) Annual General Assembly (AGM) approved board’s recommendation to distribute dividend of QR9 per share here the other day.
The company, which is the sole distributor of petroleum products in the country, has started construction of 13 new petrol stations that will be commission this year or in the beginning of 2016. The company is also planning to open seven filling stations by the end of 2017 that might also have CNG filling facilities.
“We have started construction of 13 new petrol stations which will be commissioned in 2015 or early 2016, keeping the current pace of construction in case suitable lands become available. We have also put a plan for the coming years to expand the use of compressed natural gas under Qatar Petroleum control and build seven new stations by 2017,” said Sheikh Saoud bin Abdulrahman Al Thani, Chairman, Woqod while addressing the Annual General Assembly meeting at Al Dana Club.
“The Board of Directors is glad to put in agenda of your esteemed assembly a recommendation to distribute cash dividends amounted to QR760m with a rate of 90 percent of the nominal capital paid value which accounts for 9 per share taking the current company’s liquidity status into consideration as well as the future funding needs for the capital projects that the company is willing to complete in 2015,” he said.
Last year Woqod’s net profit amounted to QR1,132m showing increase of one percent compared to QR1122m for the same period of 2013. Despite increasing capital base through issuing 30 perecebt bonus shares in 2013, earning per share (EPS) amounted to QR13.41 as compared to QR13.30 for last year.
