DOHA: Woqod yesterday announced that its net profit (excluding minority interest) for the first half of 2014 exceeded QR530m, registering an increase of 12.47 percent from last year.
Despite the capital increase by 30 percent by 2014 through the bonus shares, earnings per share amounted to QR6.28 for 2014, compared with QR5.58 for the same period last year.
Announcing Woqod’s financial results Chief Executive Officer, Eng. Ibrahim Jaham Al Kuwari said that the Board of Directors reviewed and approved the financial results achieved during this period. The board also examined current and future projects and other related issues and gave his directives.
The total asset value exceeded QR10.4bn for 2014, an increase of 9.65 percent from last year, while equity dropped by 2 percent to reach QR6.1bn for that year.
Al Kuwari added that Woqod is currently involved in implementation of more than 39 projects, 13 of them are progressing and the other are in design, tendering and approval stages.
LPG sales grew by 7 percent and the number of cylinders refilled and sold reached 2.6 million units for metal and 421 thousands for Shafaf.
For Bitumen sales, Woqod signed a contract with Ashghal Authority to supply Bitumen 60/70 and modified (Polymer) to its contractors. Woqod will invest about QR70m 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.
During the period, total volume sales of petroleum products (Diesel, Gasoline and Jet Fuel) reached 3,446 million litres with an increase of 11.6 percent compared to the same period last year. Woqod also provides diesel tank lease and diesel transport vehicles (with driver) services to both business and individuals.
The company said five petrol stations Al Wakra, Al Wajba, Al Jumailia, Lusail and Al Thakeera are currently under construction, in addition to the Saudi Arabia project. Some of these projects are expected to be opened by the end of 2014, while the other will be completed later.
Seven petrol stations are in design stages in the areas of Hamad International Airport (HIA) West, New Mesaimeer, Educational City North, Educational City Bani Hajer, Smeisma, Al Refaa Street and Al Thomama. Completion of these projects is expected during the first half of 2015.
Nine Projects are under tendering process in the areas: Um Garn, Lektaifiah, Al Musahabia, Al Shamal City, New Al Rayan, Sodanatheel, Ain Jenan, Ben Dirham, And HIA East. Woqod has signed seven contracts with a local contracting company to start building these projects very soon. The Peninsula
