Woqod registers 31% fall in net profits to QR 373 mn for H1, 2017

Qatar Fuel Company (Woqod) registered a 31% fall in net profits to QR 373 mn for H1, 2017.


Woqod CEO Saad Rashid Al Muhannadi said net profits fell by QR 167 mn compared to the same period last year. The main reasons for the decrease in earnings is attributed to the change in the new terms for fuel supplies to Woqod and its customers and the increase in national pension funds contributions as well as the decline in the value of investment in shares.

He said four fuel stations were opened in H1, 2017, eight are under construction and 14 in the tendering and designing stage. Woqod is coordinating with the Municipality for the allocation of 26 locations for the construction of petrol stations.
Other activities

In regards to Fahes centres (vehicle inspection centres), three will be opened in 2017, whereas another two centres will open in 2018. Retail activities include Sidra stores, car wash (manual and automatic), repair workshop, tyres, oil change and other services. Retail sales grew by more than 7% over the same period last year.

LPG sales (refilling and new) during the period grew by 14%. The sale of metallic cylinders declined to 1.3 million, whereas sale of Shafaf cylinders (6 and 12 kg) more than doubled and exceeded 3.2 million cylinders as a result of the promotional campaign to replace metallic cylinders with Shafaf cylinders.

As for bitumen sales, type 60/70 recorded a growth of over 168% and sales of type Polymer PMB increased by more than 14% percent over the same period last year.
Bitumen sales are expected to increase significantly after the completion of the storage expansion project.