Woqod Qatar announced big profits and expansion program

Woqod’s third-quarter net profit exceeded QR850mn, the company announced. In the same period last year, Woqod had earned a net profit of QR960mn. The company’s earnings per share (EPS) amounted to QR8.52 in the third quarter compared to QR9.70 in the same period last year. The EPS decline was due to the issue of 8% bonus shares in 2016.
Woqod’s total assets reached QR11bn, while shareholders’ equity reached QR7.2bn for the period that ended in September. Woqod announced the results after a meeting of the company’s board of directors here yesterday. The meeting was chaired by Woqod chairman Sheikh Saoud bin Abdulrahaman al-Thani. Besides approving Woqod’s financial results during the third quarter of 2016, the board reviewed the progress of various stages of current and future projects, and provided direction.

Sheikh Saoud, Chairman and al-Kuwari, CEO
Sheikh Saoud, Chairman and al-Kuwari, CEO

The board discussed a “draft new agreement” to be signed soon between Qatar Petroleum and Woqod concerning the purchase and sale agreement of petroleum products (SPA), which will be “applied” later. Woqod CEO Ibrahim Jaham al-Kuwari said currently 40 fuel dispensing stations including the mobile terminals were operating in the country, and work was under way on a number of new projects across Qatar. Three new fuel stations at Old Ghanem, Al Thameed and Hamad International Airport (HIA) are ready to start operations, he said. Old Ghanem and Al Thameed fuel stations will be inaugurated this month itself, while the one at HIA will open “very soon”.
In November, three more fuel stations will start operations, Woqod said. They are located at Mushaireb (on Al-Rayyan Road), Al-Mashaf (North of Al-Wukair) and Al-Rayyan (Qadeem).
Eight fuel stations at Al Muntazah, North Al Wakrah, Madinat Shamal, Abu Nakhla (Salwa Road), Wadi Abu Saleel, Al Wukair, Al Khor and Lusail have almost been completed and are expected to start operations by the year-end. The work on four other fuel stations – Um Ghwalina, Salatah Jadeed, Al Thumama and Jabal Teilib in Lusail City – is progressing fast and these are expected to be completed in 2017.
Woqod said four projects relating to fuel stations are in the “tendering and award” stage. These projects – Salatah Qadeema, Khaleej West, Al Kurana and Umm Qarn – are expected to be completed next year.  Three projects are in the “design and bidding stage.” They will be located at Madinat Mawatir, Education City and Ras Laffan. These projects are expected to be completed next year.
Woqod said the process of allocating land for more fuel stations is underway across the country. Woqod is coordinating with the Ministry of Municipality and Environment to allocate some 34 suitable locations to set up fuel stations so that most parts of Qatar are covered. The focus will be on the South Motorway and Doha Express road, Woqod said.
Seven more vehicle inspection centres will come up at Shehaniyah, Al-Khor, Al-Wukair, Al-Mazrooah, Madinat Shamal, Al-Wajba and Mesaimeer South. These are expected to be completed next year.  Recently, three vehicle inspection centres were opened at Wadi Al-Banat, Al-Mamoora and Al Wakrah. LPG sales (refilling and new) during the period (third quarter) grew by 5.7% and reached 1.2mn (metallic cylinders) and 646,000 (Shafaf cylinders – 6 and 12kg).
The total volume of sales of petroleum products (diesel, gasoline and jet fuel) has increased by 11.4% during the third quarter of this year and reached 2.4mn litres compared to the same period last year.

Sources: QGN, Gulf Times, Qatar Agencies.