Woqod Announces QR 1.25 Billion Profit in 2015

Doha, February 15 (QNA) - Qatar Fuel (Woqod) has announced its financial reuslts for the year ended December 31, 2015, posting a net profit of QR 1.25 billion, an increase by QR 120 million (11 percent) compared to 2014, while earning per share (EPS) amounted to QR 14.84 in 2015 compared to QR 13.41 for the previous year, a press release said on Monday. Woqod's board of directors unveiled the results in a Monday meeting chaired by Chairman of the Board of Directors HE Sheikh Saoud bin Abdulrahaman Al-Thani. The board approved the results and recommended to the general assembly to include in its agenda for the meeting on March 6 to distribute cash dividends of QR 692,566,875 according to a rate of 82 percent of the value of the paid-up nominal capital, i.e. QR 8.2 per share, in addition to 8 percent bonus shares, i.e. 8 shares per 100 outstanding shares. The board reviewed projects the company is currently involved in, including new petrol stations, expansions, Fahes centers, Sidra C-Stores and Bitumen facilities. Woqod CEO Eng. Ibrahim Jaham Al Kuwari said the company completed 8 petrol stations in 2015 in the regions of Al Wajba, Al Jumailia, Lakteefia, Al Wakra, Al Thakeera, Bin Dirham, Al Rayyan and Al Musahabia, with construction work going on in 18 other stations that are expected to operate this year. Al Kuwari said six petrol stations are in design and approval stages and are expected to finish in 2016 or beginning of 2017. He added that 29 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 Bay, Al Saiyliah, Mesaimeer West, and Al Gharafa, and are set to complete by the end of 2016. Two Fahes Inspection Centers were inaugurated in 2015 in Mesaimeer and Al Wakrah and five new centers in Al Shehaniah, Al Shamal, Al Khor, Al Mazrooah and Al Wakrah are currently in design stages and are expected to operate in 2016, according to the press release. Woqod's retail services such as the sales of Sidra C-Stores, car wash, tire repair workshops and lubricant change has grown at an average rate of 4.4 percent for the period. Liquid petroleum gas (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 12 kilograms and 45,000 units for Shafaf 6 kilograms. Regarding the compressed natural gas (CNG), Woqod is planning to develop this sector under the leadership of Qatar Petroleum and to establish extra seven stations by 2017. The total volume sales of petroleum products (diesel, gasoline and jet fuel) increased in 2015 by 14.9 percent compared to 2014. Woqod also provides lease services of diesel tanks and diesel transport vehicles to both business and individuals. In 2015, Woqod launched the electronic payment system WoqodE using the RFID system. The new service provides complete control over fuel purchase for corporations and individuals, which eliminates unauthorized fueling. (END)