DOHA: Qatar Fuel’s (Woqod) net profit for the year 2015 touched QR1.2bn, up 11 percent, compared with the previous year. Earnings per share (EPS) increased to QR14.84 from QR13.41.
Woqod’s Board of Directors, chaired by Sheikh Saoud bin Abdulrahaman Al Thani, the Chairman of the Board, approved the results and recommended to the General Assembly to distribute cash dividends of QR692,566,875 according to a rate of 82 percent of the value of the paid-up nominal capital, i.e, QR8.2 per share, in addition to 8 percent bonus shares, i.e, 8 shares per 100 outstanding shares.
Total shareholder’s equity reached QR7.2bn with an increase amounting QR222m representing a growth of 3.2 percent compared with same period of last year.
Announcing the financial results Woqod’s Chief Executive Officer, Ibrahim Jaham Al Kuwari said the Board examined current and future projects and other related issues and gave his directives.
Al Kuwari added that Woqod is currently involved in implementation of many projects under construction, tendering, designing and approval stages. These projects include new petrol stations, expansions, Fahes centers, Sidra C-Stores and Bitumen facilities.
He said Woqod has completed the works of eight petrol stations during 2015. They include in Al Wajba, Al Jumailia, Lakteefia, Al Wakra, Al Thakeera, Ben Dirham, Al Rayyan and Al Musahabia. A total of 18 petrol stations are expected to be inaugurated during 2016.
Six petrol stations are in design and approval stages in the areas of Medinah Lusail 1, Al Thomama, Al Karaanah, Um Karn, Ras Laffan and Al Mazrooah. Completion of these projects is expected during 2016 or beginning of 2017.
Twenty nine 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.
In addition to Muaither and Industrial expansions, five other projects are currently taking place at Wadi Al Banat, West Bey, Al Seylieh, Mesaimeer West, and Al Gharrafa . Completion is expected by the end of 2016.
Woqod opend two Fahes Inspection Centres in 2015. New centres are coming up in Al Shehaniah, North City, Al Khor, Al Mazrooah and Al Wakra are currently in design stages. They are expected to be commissioned in 2016.
Woqod’s marketing activities include sales of Sidra C-Stores, car wash, workshops tyres and repair, lubricant change and other services. The total volume of sales for all these activities has grown at an average rate of 4.4 percent for the period.
LPG sales grew by 9.6 percent and the number of cylinders refilled and sold reached 5.15 million units for metal, 1.88 million units for Shafaf 12kg and 45,000 units for Shafaf 6kg.
Regarding the Compressed Natural Gas (CNG), Woqod is planning to develop this sector under the leadership of Qatar Petroleum and to establish extra 7 stations by 2017.
In 2015, total volume sales of petroleum products reached 8,346 million litres with an increase of 14.9 percent as compared to 2014.
The Peninsula
