(MENAFN- The Peninsula)
The Peninsula
Qatar Fuel Company (Woqod) yesterday said that its net profit for the period (excluding minority rights) amounted to QR253m, compared to QR226m in same period in 2020, registering an increase of QR27 million or 12 percent.
The earning per share for the period amounted to QR0.25 compared to QR0.23 for the same period of the last year 2020. The increase in net profit and earnings per share compared to the same period in 2020 was due to the relative increase in sales of petroleum and non-petroleum products, and to a 15 percent reduction in administrative and general expenditures costs prompted by the implementation of the efficiency and cost optimization policy.
The company said that its Board of Directors had held its second meeting for the year 2021 yesterday under the chairmanship of Ahmed Saif Al Sulaiti. In order to comply with governmental restrictions issued to combat the spread of COVID-19, the meeting was held remotely through the utilization the video call facility.
The Board discussed the performance of the business operations and the financial results of Woqod Group for the first quarter of the year 2021 ended on March 31, 2021, compared to the same results achieved in the corresponding period of the year 2020.
About company's operations, Saad Rashid Al Muhannadi, Managing Director and CEO, explained that the first quarter of 2021 witnessed an increase in diesel sales by 3 percent, super gasoline sales by 10 percent, natural gas by 21 percent, retail fuel sales by 4 percent and non-petroleum retail sales by 5 percent, thanks to the opening of several additional fuel stations in the period following the first quarter of 2020.
On the other hand, jet fuel sales decreased by 23 percent compared to the same period in the year 2020, due to the decline in airline activities following the spread of the Corona pandemic and restrictions imposed on many airports around the world.
On the other hand, Al Muhannadi explained that during the first quarter of 2021the company opened a new gas station in Al Mearad area, and therefore the total number of stations by the end of the first quarter of 2021 reached 107 stations.
He explained that the company intends to complete the construction of five more new stations by the end of the fourth quarter of 2021, and further explained that Woqod has a dynamic plan in the construction of the new stations that is being reviewed periodically according to the conditions of fuels demand and the need for fuel stations.
Al Muhannadi stressed that Woqod has been closely coordinating and cooperating with all partners in order to implement the official directives issued by Qatar with the aim of combating the spread of COVID-19 pandemic.
He also indicated that Woqod being the exclusive downstream oil and gas supplier in Qatar responsible for ensuring the continuous supply of petroleum products to all sectors in Qatar, issued and implemented a flexible and effective plan for the continuity of supply operations for those sectors.
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