(MENAFN- Gulf Times) Woqod (Qatar Fuel) has posted a net profit of QR1.13bn in 2014, up 1% on the previous year.
Woqod is exclusively responsible for the distribution of fuel within Qatar.
The board of directors of the company, which met in Doha yesterday recommended the distribution of a 90% cash dividend (on the nominal paid up capital), which translates into QR9 a share.
The dividend payout will total QR760mn and the recommendation will be placed before the company's general assembly at its meeting on March 15.
The meeting was presided over by Woqod chairman, Sheikh Saoud bin Abdulrahman al-Thani.
Woqod CEO Ibrahim Jaham al-Kuwari said the company's total assets reached QR10.55bn last year, up 10.56% on 2013. Total shareholders' equity registered an 8% increase and reached QR6.76bn in 2014.
He said earning per share (EPS) amounted to QR13.41 last year compared with QR13.3 in 2013. This is despite the company having increased its capital base through issuance of 30% bonus shares in 2013. Woqod's net profit in 2013 totalled QR1.12bn.
Al-Kuwari said Woqod is currently involved in the implementation of as many as 39 projects under construction, tendering, designing and approval stages and some 16 in design and approval stages. These include new petrol stations, expansion of the existing ones, Fahes (vehicle inspection centres), C-stores and bitumen facilities.
He said the board of directors reviewed and approved the company's financial results achieved in 2014. The board also examined current and future projects and gave its directives.
Woqod is a downstream oil storage, distribution and marketing company, formed in 2002 as a joint stock company listed on the Qatar Stock Exchange. The company was formed from the fuel storage and distribution assets owned at that time by Qatar Petroleum under the name of NODCO (National Oil Distribution Company).
Woqod supplies diesel and gasoline for vehicles, boats and industry and aviation fuel for Qatar's airports.
The company also trades in bunker fuels, ship-to- ship bunkering within Qatari waters, bitumen importation and distribution, for building new roads, LPG for cooking, and own-branded-lubricants. In addition, it builds modern branded service stations across Qatar.
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