Qatar Fuel Company (Woqod) has achieved record profits amounting to 461 million riyals in the first half of this year. This is an increase of 71% on an annual basis.
Woqod said its profits for the corresponding period last year amounted to 270 million riyals.
According to the company’s statement, the earnings per share during the first half of 2021 were 0.46 riyals, while they were 0.27 riyals last year.
The company attributed this growth in net profits and earnings per share to the remarkable improvement in the performance of most of the group’s activities and sales in conjunction with the signs of the recovery phase from the Coronavirus pandemic.
Saad Rashid Al Mohannadi, CEO and Managing Director of Qatar Fuel Company, said that the company has opened two fuel stations since the beginning of this year, bringing the number of stations currently operated by the company to 107.
He pointed out that the company intends to add four more stations by the end of this year, and seven in 2022, bringing the total number of stations then to 118.
Al-Mohannadi indicated that due to the increase in gas stations, the percentage of Woqod in the petroleum products retail market has reached 85%. It is expected to reach 90% within the next few years, he added.
Qatar Fuel Company operates in the energy and production sector, and is specialized in the storage, distribution and marketing of oil and gas products.
The company was established in 2002 as a public shareholding company, and was listed on the Doha Stock Exchange.
Woqod is the exclusive distributor of all fuel products in Qatar. It also works in the field of fuel catering and supplying ships with fuel within Qatari waters.
The company owns four subsidiaries: Qatar Jet Fuel (QJET), Woqod Vehicle Inspection (Fahes), Woqod Marine, and Woqod International for Foreign Investment.
The only retailer of fuel in Qatar, Woqod is listed on the public stock exchange, as of May 2018.