(MENAFN- The Peninsula) The Peninsula
Doha: Qatar Fuel Company Q.P.S.C., hereinafter referred to as (WOQOD) or“WOQOD Group” or“the Group” recorded a net profit for 2022 (excluding minority rights) amounted to QR1,070m, as compared to an amount of QR974 m achieved in the year 2021, representing an increase of 10 percent.
Saad Rashid Al Muhannadi CEOand MD informed the Board that WOQOD earnings per share for the period amounted to QR1.08, as compared to QR0.98 for the past year, while Shareholders Equity increased to reach QR 9.2bnas compared to QR9.0bn for the year 2021. The increase in net profit and earnings per share was attributed to the increase in the volume of sales, in addition to the continuation in implementation of the policy of rationalizing costs and enhancing efficiency.
With code name“QFLS” on Qatar Exchange WOQOD, a company with an exclusive concession in the State of Qatar to distribute, sell, transport and market refined petroleum products, including airports and seaports, either by itself or through subsidiary companies“QJET, FAHES & WOQOD Marine”, announced that its Board of Directors held its annual meeting yesterday under the chairmanship of Ahmed Saif Al-Sulaiti. The meeting was held at WOQOD Tower, where the Board discussed and approved – inter alia- the performance of the company's business operations and financial results for the year ended 31 December 2022.
The Board reviewed and approved the current and future projects that the company plans to establish, whereby the company has opened 4 APC centers, 8 Sidra Convenience Stores, and 11 new petrol stations, thus increasing the number of operating stations to 126 at end of 2022. Saad Rashid Al Muhannadi 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.
Al Muhannadi indicated that WOQOD started the installation of 37 EV chargers at 22 petrol stations in 2022, with charging points already installed in 5 stations, stressing that the EV installation operations will continue at other stations to keep pace with developments in the EV segment, as well as to optimize revenues and utilize infrastructure spread across the State of Qatar.
Al Muhannadi further explained that WOQOD has performed all its commitments towards the World Cup in cooperation and coordination with the relevant authorities in the best way through the establishment of many infrastructure and logistical support projects, with all such commitment being performed according to the highest levels and standards of security and safety.
On the other hand, Al- Muhannadi indicated that WOQOD Board reviewed the steps taken regarding the membership elections of the Board of Directors for 2023-2025 session, and decided to submit the list to the concerned authorities, and to WOQOD General Shareholder Assembly scheduled to be held on 15 February 2023 to declare winning by acclamation or otherwise take the appropriate resolution.
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