(MENAFN- The Peninsula) The Peninsula
Doha: Qatar fuel Company, (Woqod), which has an exclusive concession to distribute, sell, transport and market refined petroleum products in the country, has reported a consolidated net profit of QR974m for the financial period ended December 31, 2021, an increase of 38 percent compared to QR707m recorded in 2020. The Group's earnings per share stood at QR0.98 compared to QR0.71 for the same period in the previous year. shareholders equity also increased by 7 percent to QR9.0bn from QR8.4bn in 2020.
Based on the company's profits in 2021 and taking into account the requirements of current and future projects, the Board has recommended to the Company's Annual Shareholders General Assembly scheduled for 27 February2022 to approve a Dividend distribution to shareholders of 0.76 QR per share.
Woqod's Board of Directors which was chaired by Ahmed Saif Al Sulaiti has approved the financial results, current and future projects during the Group's virtual annual meeting yesterday.
The increase in net profit and earnings per share was attributed to a noticeable improvement in the performance of most of the Group's activities and sales in conjunction with the signs of recovery from the pandemic. This coupled with the increased efforts exerted towards implementing the already approved efficiency and rationalisation of expenditure policy in the Group's business, where the company managed to reduce the negative impacts of the pandemic by taking several proactive steps and initiatives to ensure continuity of its business under critical circumstances, particularly in the retail business, where the Group opened more Sidra convenience stores and introduced more Woqod branded products and lubricants. The Group also launched new initiatives and projects in aviation, marine, bunkering, technical inspection, and non-retail segments.
Woqod has opened nine Sidra convenience stores, and three new petrol stations, thus increasing the number of stations operating by the end of 2021 to 111 stations. This year will witness the completion of the construction and operation of 12 new stations, bringing the number of stations to 123 stations.
Saad Rashid Al Muhannadi, Managing Director and CEO of Woqod explained that the Company has a dynamic plan for the construction of new petrol stations, which will be periodically reviewed according to the demand conditions and the need for petrol stations. Based on the expansion of the petrol stations construction, the share of Woqod in the petroleum retail market reached 85 percent in 2021.
Al Muhannadi also reiterated the actions taken by the Group towards the Qatarisation of jobs, implementation of the Service Localisation Initiative, and the measures taken towards combating the COVID-19 pandemic. He said Woqod continued to work closely with the relevant authorities to reduce the negative effects of the pandemic, ensuring the continuous and regular supply of refined petroleum products and gas to all sectors in Qatar, in line with the applicable health, security, safety and environmental health procedures and standards.
Woqod was also ranked by the MSCI QSE ESG Index as the sixth best company in the fields of governance, environmental, and social responsibility. The Group was ranked by Forbes among the top 100 listed joint stock companies in the Middle East for 2021. The ranking was based on the most valuable companies across Middle East.
Meanwhile, Al Muhannadi noted that the Board of Directors has decided to issue its recommendation to the Extraordinary General Assembly to amend Woqod Articles of Association to conform to the Commercial Companies Act 2015 as amended by the law no. 8 of the year 2021, and also to admit none-Qatari persons to own 100 percent of the Company share capital in line with the governmental recommendation after obtaining all the required consents.
Al Muhannadi concluded by affirming that Woqod will exert all its efforts to maintain and enhance service levels, continue to focus on the efficiency improvement and operational excellence, and take all other viable measures in furtherance of the Group profitability and the achievement of its vision, mission and strategic goals as a pioneer downstream oil and gas company. He added that the Group will continue building a modern, robust and state-of-the-art petroleum products distribution sector in Qatar, and to provide the best services according to the leading QHSSE standards, and achieve the best results for its valued shareholders.
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