Sheikh Saoud bin Abdulrahman Al Thani
DOHA: Qatar Fuel (Woqod) yesterday announced QR850m net profit for the third quarter of 2016. Net profit of the company has declined 11 percent during the third quarter this year compared to QR960m in the same quarter last year.
Company’s Board of Dierectors in a meeting, chaired by Chairman of the Board Sheikh Saoud bin Abdulrahman Al Thani, yesterday approved the third quarter results.
The Chairman said that there is an ambitious plan currently being developed by the company to maintain a sustainable and balanced growth in profits during the next phase.
Announcing the results, Ibrahim Jaham Al Kuwari, Chief Executive Officer of Woqod said the decline in net profit was due to cancellation of various diesel sales price categories.
Earnings per share (EPS) for the parent company amounted to QR8.52 as compared to QR9.70 for the third quarter 2015. The EPS decline was due to the issue of 8 percent bonus shares in 2016. Total assets reached QR11bn, while shareholders’ equity reached QR7.2bn for the period ended September 30, 2016.
The Board discussed a draft new agreement to be signed soon between Qatar Petroleum and Woqod concerning the purchase and sale agreement of petroleum products (SPA), which will be applied later.
Other strategic issues related to potential new income sources were also discussed. LPG sales (refilling and new) during the period grew by 5.7% and reached 1.2 million of Metallic cylinders and 646,000 of Shafaf cylinder (6 and 12 kilograms).
Coordination is underway with the Public Works Authority to sign a memorandum of understanding for the supply of Bitumen 60/70 and Polymer PMB (improved bitumen). Woqod is currently building a new Bitumen storage facility and purchase of modern transport ships dedicated to these services.
With regards to the current and future projects implemented by the company, Al Kuwari added that there are currently 40 stations including the mobile terminals operating in the country, and work is under way on a number of different projects
There are currently three other stations at Al Ghanem Old, Al Thameed and Hamad International Airport (HIA) completely ready to start operation. Woqod is currently coordinating with the Public Works Authority to provide stations service road linkage with the main roads. Al Ghanem and Al Thameed will be inaugurated during the current month of October, while HIA will open very soon.
There are three stations nearing completion in areas of Mushaireb on Al Rayyan Road, Al Mashaf North Al Wukair and Al Rayyan Qadeem opposite to the green project is expected to start operation during the month of November 2016.
In addition to the above, there are eight stations in the regions where the work has almost completed and operation is expected to start by the end of this year. These are Al Muntaza, North Al Wakra, Madinat Shamal, Abu Nakhla (Salwa Road), Wadi Abu Saleel, Al Wukair, Al Khor and Lusail.
The work is currently underway seven other projects to establish new inspection centers in Shehaniyah, Al Khor, Al Wukair, Al Mazrooah, Madinat Shamal, Al Wajba and Mesaimeer South. These are expected to be completed during 2017.
