ID :
168993
Thu, 03/17/2011 - 13:53
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https://oananews.org//node/168993
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Woqod Looks to Expand Local & Regional Markets
Doha , March 17 (QNA) - The board of Woqod company has announced that the company will expand its regional and local markets by tapping into new ones overseas and increasing its services in the local one.
Addressing the Woqod annual general assembly held here last night, Chairman of Woqod HE Abdullah bin Hamad al-Attiyah who is also Deputy Premier and Chief of the Emiri Diwan said that Woqod International will look to pursue investments in Asia and Africa.
For his part, Vice Chairman Mohammed Khalifa Turki Al-Sobai said that "Woqod will keep searching for new markets in some Asian and African countries and others". A subsidiary has already been established in Saudi Arabia, according to the company's board.
Woqod had made a net profit of QR.870 million in the financial year of 2009. The board reviewed current activities and discussed capital projects to be implemented in the financial year of 2010, at an estimated cost of over QR. 1 billion. It seems the company is set to pursue a number of ambitious projects inside and outside Qatar to improve the company's performance even more.
Expanding Woqod's projects overseas, particularly by starting to build petrol stations in Syria and Algeria and investing in Saudi Arabia, as well as growth in sale of jet fuel led to a growth of 35% in the net profit of the company's 2010 financial year to reach QR 548.95 million in the first half of the financial year, according to Al-Sobai. Revenues reached QR. 3.51 billion, up 21 % compared to last year.
Sales of jet fuel saw a growth of 88% to reach QR. 1.56 billion while sales of refined products reached QR. 1.84billion. The total assets of the fuel company were valued in August 2010 at QR.5.12 billion according to a report in daily newspaper /Gulf Times/ on August 19, 2010.
A 42 Km pipeline that will connect a petroleum refinery in Mesaieed to Doha Depot is set to be fully operational at the second half of 2011 according to HE Al-Attiyah. There is also a 76 Km long natural gas pipeline within the Industrial Area which will be functional in the third quarter of 2011. The company will also build five new petrol station with an estimated cost of QR 100 million, according to the company's website.
The board had also announced earlier this year that it approved a recommendation to distributing 100% dividends of the value of nominal share capital, which is QR 10 per share, in addition to 10% bonus share which is one share per every 10 shares. (QNA)
Addressing the Woqod annual general assembly held here last night, Chairman of Woqod HE Abdullah bin Hamad al-Attiyah who is also Deputy Premier and Chief of the Emiri Diwan said that Woqod International will look to pursue investments in Asia and Africa.
For his part, Vice Chairman Mohammed Khalifa Turki Al-Sobai said that "Woqod will keep searching for new markets in some Asian and African countries and others". A subsidiary has already been established in Saudi Arabia, according to the company's board.
Woqod had made a net profit of QR.870 million in the financial year of 2009. The board reviewed current activities and discussed capital projects to be implemented in the financial year of 2010, at an estimated cost of over QR. 1 billion. It seems the company is set to pursue a number of ambitious projects inside and outside Qatar to improve the company's performance even more.
Expanding Woqod's projects overseas, particularly by starting to build petrol stations in Syria and Algeria and investing in Saudi Arabia, as well as growth in sale of jet fuel led to a growth of 35% in the net profit of the company's 2010 financial year to reach QR 548.95 million in the first half of the financial year, according to Al-Sobai. Revenues reached QR. 3.51 billion, up 21 % compared to last year.
Sales of jet fuel saw a growth of 88% to reach QR. 1.56 billion while sales of refined products reached QR. 1.84billion. The total assets of the fuel company were valued in August 2010 at QR.5.12 billion according to a report in daily newspaper /Gulf Times/ on August 19, 2010.
A 42 Km pipeline that will connect a petroleum refinery in Mesaieed to Doha Depot is set to be fully operational at the second half of 2011 according to HE Al-Attiyah. There is also a 76 Km long natural gas pipeline within the Industrial Area which will be functional in the third quarter of 2011. The company will also build five new petrol station with an estimated cost of QR 100 million, according to the company's website.
The board had also announced earlier this year that it approved a recommendation to distributing 100% dividends of the value of nominal share capital, which is QR 10 per share, in addition to 10% bonus share which is one share per every 10 shares. (QNA)
