Woqod Q1 net rises 3% to QR242.7mn

27/04/2016 07:37 AST

Woqod (Qatar Fuel Company) has reported a 3% rise year-on-year in net profit to QR242.7mn in the first three months of this year.

Investment portfolio, real estate and other business activities have contributed to the net profit, Woqod chief executive officer Ibrahim Jaham al-Kuwari said after its board meeting. The board meeting was presided over by Woqod chairman Sheikh Saoud bin Abdulrahman bin Hassan al-Thani. Earnings per share (EPS) amounted to QR2.66 compared to QR 2.60 for last year.

During the first quarter of this year, total volume sales of petroleum products (diesel, gasoline and jet fuel) reached 2,159mn litres with an increase of 14.7% compared to the same period last year. Jet fuel accounted for 42% of the total sales volume followed by diesel (31%) and gasoline premium (12%).

Woqod is currently involved in implementation of more than 38 new projects under construction, tendering, designing and approval stages. These projects include new petrol stations, expansions, Fahes centres, Sidra C-Stores and bitumen facilities, he said. After opening three new stations during January-March this year in Sodanatheel, Semaisama and Ein Sinan; al-Kuwari said work is currently ongoing on 15 other stations in Althameed, Abu Nakhla, Almuntaza, Mushaireb, Old Ghanim, Hamad International Airport, Hamad International Airport (Um Ghaulena), Wadi Abu Salil, Alrayyan, Albisat Alakhdar, Al Wakra North, Almashaf, Alwukir, Alkhor, Alaqlah (Lusail), Madinat Shamal. These are expected to be inaugurated before the end of this year.

There are five new stations in the design and approval stage in Almazroah, Ras Laffan, Education City (North), Madinat Almawateer, and Almashaf West. It is expected that these projects will be completed during 2017.

There are six projects in the tender and award stage in the areas of Thumama (North Alhadarma), Umm Qarn, Lusail City (Jabl Thaeleb), Alkaraanah, Alhakoomah (Aslatah Aljadeedah) and Aslatah. These are expected to be completed through the first half of 2017. Four expansion projects have been completed during the first quarter of 2016 (AlThaieen, Alhilal, Bufaseelah and Industrial Area) and work is currently underway in six new expansion projects for the stations in Almanasir, Muaither, West Bay, Wadi Albanat, Syliyah, Mesaimeer West and Al Gharafa. It is expected that all these projects will be completed during the current year.

About Fahes, al-Kuwari said after running three technical examination centres in the regions of Wadi Albanat, Almamoora and Al Wakrah, there are three other projects under implementation within the petrol stations in areas of Alshahniyah, Alkhor and Alwukair. The Almazroah centre is currently in design and approval stage. It is expected that all these centres will be operational by early 2017.

The Sidra store at Hamad General Hospital has completed the design stage and is awaiting provision of electric power. Aamal Tower is complete and will start operation during the second half of the year 2016.

Retail activities include Sidra stores, car wash (manual and automatic), workshops, tires and repair, lubricant change and other services. Sales in this sector area have grown by more than 10% compared to the same period last year.

LPG (liquefied petroleum gas) sales (refilling and new) during the period grew 14% and exceeded 1.39mn of metallic cylinders and 673,700 of Shafaf cylinders (6 and 12kg). On Woqod e-payment system, which was introduced in January 2016, the company is fitting around 1,200 RFID tags weekly and planning to increase it to 3,000 tags a week from May onwards. This will accelerate the process and reduce waiting time for the service.

The tag system gives customers full control over fuel purchases and ensures vehicle fuelling accuracy. It is available at all Woqod service stations. It has currently 800 commercial customers and 50% of these have converted to the new tagging

Gulf Times