16/02/2016 08:30 AST
Qatar Fuel (Woqod) has posted a net profit of QR1.25bn in 2015, up 11% on the previous year, the company said yesterday. Woqod had earned a net profit of QR1.13bn in 2014.
The company’s 2015 financial results were announced after a meeting of its board of directors chaired by chairman Sheikh Saoud bin Abdulrahman al-Thani.
Woqod’s total shareholder equity reached QR7.2bn in 2015, which shows an increase of QR222mn, or 3.2%, on the same period last year, said CEO Ibrahim Jaham al-Kuwari.
Earnings per share (EPS) amounted to QR14.84 in 2015 compared with QR13.41 last year.
Al-Kuwari said Woqod was currently involved in the implementation of many projects, which were either under construction, tendering, designing or approval stages. These projects include new fuel stations, expansions, Fahes centers, Sidra C-Stores and Bitumen facilities among others.
He said eight fuel stations were completed in 2015. These are located at Al Wajba, Al Jumailia, Lakteefia, Al Wakrah, Al Thakeera, Ben Dirham, Al Rayyan and Al Musahabia.
Some 18 fuel stations are currently under construction and are expected to be inaugurated this year. These will be located at Al Muntazah, Meshaireb North, Al-Ghanim Qadeem, Lusail, Al-Thameed, Hamad International Airport, Doha Airport, Al-Bisat Al-Akhdar, Sudanatheel, Abu Nakhlah, Ain Sinan, Madinah Shemal, Al Khor, Semaisemah, Al Wakrah South, Al Wukair, Al-Mashaf and Wadi Aba Saleel. Six petrol stations are in the design and approval stages at Medinah Lusail 1, Al Thumama, Al Karaanah, Um Karn, Ras Laffan and Al Mazrooah. These projects will be completed either this year or in 2017.
Al-Kuwari said some 29 locations are currently under review with the Ministry of Municipality & Environment for Woqod’s future projects. These projects will cover new areas such as the South Motorway and Doha Express Road.
Five other projects are currently being taken up at Wadi Al Banat, West Bay, Al Seylieh, Mesaimeer West, and Al Gharrafa. The completion of these projects is expected by end-2016.
Five new Fahes (vehicle inspection centres) are in the design stages and expected to be commissioned this year. These will be located at Al Sheehaniya, North City, Al Khor, Al Mazrooah and Al Wakrah.
Two Fahes inspection centres were inaugurated last year at Mesaimeer and Al Wakrah.
Al-Kuwari said Woqod’s LPG sales grew by 9.6% last year. The number of cylinders “refilled and sold” reached 5.15mn (metal) and 1.88mn (Shafaf 12kg) and 45,000 (Shafaf 6kg).
He said Woqod in association with QP planned to establish some seven more compressed natural gas (CNG) stations by 2017.
Last year, the total sales of petroleum products (diesel, gasoline and jet fuel) reached 8.34mn litres, which shows an increase of 14.9% compared with 2014.
Woqod also provides lease services of diesel tanks and diesel transport vehicles (with/without driver) to both business and individuals.
Board recommends cash dividend, bonus shares
Woqod’s board of directors has recommended to the company’s General Assembly to distribute cash dividends to shareholders at the rate of 82% of the value of the paid-up nominal capital, which translates into QR8.2 a share.
Additionally, the board has recommended 8% bonus shares, which work out to eight shares per 100 outstanding shares. The company’s General Assembly is slated to meet on March 6.
Gulf Times
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