Qatar Fuel Net Profit for 2011 Rises 7.5%

Doha, February 26 (QNA) - Qatar Fuel Company (Woqod) announced a net profit increase by 7.5% for the year ended December 2011 following its Board of Director's meeting chaired by HE Chairman of the Administrative Control and Transparency Authority and Chairman of Board of Directors Abdullah bin Hamad Al Attiyah here Sunday. The company's net profit, after excluding minority interest, exceeded QR 1,155 Million for the year 2011 compared to QR 1,074 Million for the same period in the previous year. Announcing the financial results, Vice-Chairman and Managing Director of the company Mohamed Turki Al Sobai 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 gave his directives. The Board of Directors have recommended distribution of cash dividend of QR 415.8 Million at the rate of 100% of the value of the paid-up nominal capital - QR 10 per share, in addition to 25% bonus shares of 2.5 shares per 10 outstanding shares. The earning per share (EPS) grew by 7.5% at QR 27.77 per share compared to QR 25.83 for the same period in 2010. Qatar Fuel had issued 20% bonus shares in 2010. The company's total assets were QR 6.958 Billion, up by 13% from the previous year's figures while the total equity recorded a growth rate of 19.7% to reach QR 4.813 Billion for the same period. (QNA)