Woqod 2017 net profit hits $236m

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Woqod 2017 net profit hits $236m

Mar 1, 2018 6:18 PM

Qatar Fuel (Woqod) has posted net profits of QR964 million ( 263.2 million) for 2017 as compared to net profits of QR883 million for 2016 marking an increase of 9.2 per cent. Return on share amounted to...

Qatar Fuel (Woqod) has posted net profits of QR964 million ($263.2 million) for 2017, as compared to net profits of QR883 million for 2016, marking an increase of 9.2 per cent.

Return on share amounted to QR9.7, compared to QR8.9 per share for the preceding year.

Ownership rights increased by about 1.1 per cent to QR7.4 for the said year, compared to QR7.3 for the year 2016.

Woqod chief executive officer Saad Rashid Al-Muhannadi added that Woqod realised this good result in net profit increase despite substantial changes and huge reduction of its margins for distribution of fuel product during the said year, thanks to the efforts exerted towards the increase of fuel sales in general, in addition to the measure taken for costs reduction through a multi- initiative integrated cost optimization policy being implemented in phased manner, and is expected to yield results in the near future.

Woqod Board has recommended a dividend of QR8 per Share, resulting in total dividend payout of QR795.4 million, equivalent to 80 per cent of the nominal paid capital.

Al-Muhannadi indicated that Woqod has an ambitious plan for increasing its stations to 120 stations (inclusive of 10 mobile stations) within a period of 3 years, where about 30 stations will be completed and operated within the forthcoming 12-month period.

The company is also planning to increase the number of dispensers within the currently operational stations by 59% within the year 2018, and will continue with the same increase rate within the following years 2019 and 2018 in order to reduce the vehicle congestion within petrol stations resulting from the decommissioning of many private stations.

The company will go ahead with its ambitious plan for realizing the highest revenues for its shareholders, said Al-Muhannadi.

This will be achieved by developing and expanding its core business as well as supporting activities, and through continuing with its implementation of its systematic plan for cost optimization through a set of well thought initiatives and mechanisms, for achieving capability and efficiency in company operations, and availing the necessary support for the plan by introducing other necessary accounting and technical policies and procedures. – TradeArabia News Service