WOQOD Profits Rise to 20 Percent in 2018

Doha, February 25 (QNA) - WOQOD announced today that its net profits for the year 2018 (excluding minority interests) amounted to QR 1160 Million, compared to QR 964 Million achieved in the year 2017, representing an increase of 20 percent from the preceding year 2017. WOQOD also said that Earning per share (EPS) amounted to QR. 11.7 compared to 9.7 Riyals per share for the preceding year, and shareholders’ equity increased by about 12 percent to QR 8.3 Billion for the said year, compared to QAR 7.4 Billion for the year 2017. WOQOD Chief Executive Officer, Engineer Saad Rashid Al Muhannadi added that good results achieved in net profits and return per share are attributable to the measures taken for the enhancement of efficiency and capability in company business activities and operations, and to the efforts exerted towards cost reduction through a multi- initiative and integrated cost optimization policy started in the year 2017 through 2018 and still being implemented in a phased manner. Engineer Al Muhannadi further announced that, in line with the financial results achieved, the Board of Directors issued a recommendation included in the agenda for the Annual General Assembly Meeting to be convened in the evening of the 25th of March 2019, for distribution of dividends amounting to 8 Qatari Riyal per share, resulting in total dividend payout of QR 795 Million equivalent to 80 percent of the nominal paid share capital. Engineer Al Muhannadi went on to say that, the Board has reviewed the current and future projects intended for implementation by the company in support of the comprehensive infrastructure development policy currently under implementation in the State of Qatar. Fuel Service stations currently operated by WOQOD amounted to 84 stations by the end of the year 2018, where another 32 stations were added throughout the State of Qatar. The company will build 30 additional fuel stations in the year 2019. WOQOD will thus be doubling the stations built since its incorporation in 2002 only in 2 years. WOQOD has not only limited its efforts in building new stations in the year 2018 but has gone further with the enhancement of the capability and efficiency of stations by increasing the number of dispensers in the stations currently under construction by 61 percent, thus availing an adequate service to its customers, he added. He further emphasized that in pursuit of its role for serving the country and the community, WOQOD would not hesitate to build fuel stations at any location and at any time in case of availability of land and the need for the project. With regard to the Bitumen Facilities Expansion Project, the Bitumen tanks providing 15000 M.T. of storage capacity have already been completed. This expansion will allow WOQOD to retain its market share and deliver the product to customers in a timely manner and for a competitive price, and will also contribute to the optimization of costs of the storage services on board ships. The remaining parts of the project will be finalized by the coming April 2019. As for WOQOD Technical Inspection company "FAHES", the company has added Al Shahania permanent center along with another temporary center to its network. Hence the current total operating centers reached twelve (12) centers including five (5) mobile centers. Al Mazrooaa center will be added in the few coming months, and the center at Mowater city will follow at a later stage. Engineer Al Muhannadi reviewed the steps taken by WOQOD in the field of Qatarization to which the company accorded paramount importance. He explained that the company has a strategic plan for recruiting and retaining capable and qualified Qatari employees and prepare them for joining the leadership team. He added that Qatarization amounted to 39 percent within the senior staff category, and the vast majority of the higher management team are from Qatari competencies. (QNA)