Woqod Reports QR1.05Bn Net Profit In 2024 Fuel Sales Reach Record High
Date
1/22/2025 2:05:09 PM
(MENAFN- Gulf Times) Woqod has reported net profit of QR1.05bn, representing an increase of 7% on an annualised basis.
The company's board has suggested a total 100% dividend with an interim 40% already been paid. The balance 60% would be paid after the general assembly meeting scheduled to be held on February 19, 2025.
The year 2024 witnessed a 6% year-on-year increase in total fuel sales volume. Total fuel sales reached a record high of 11.3bn litres compared to 10.7bn litres in 2023, mainly driven by the increase in the volume of sales of jet fuel and gasoline, which also recorded the highest annual sales volume in the company's history.
Jet fuel sales reached 6.2bn litres and Gasoline sales reached 3bn litres, an increase of 10% and 4% respectively on an annualised basis.
The company witnessed significant improvement in security and safety levels during 2024 compared with 2023, where the Loss Time Incident Frequency (LTIF) improved by 59%, while the Total Recordable Case Frequency (TRCF) improved by 19%, according to Saad Rashid al-Muhannadi, Managing Director and Chief Executive Officer of Woqod.
Regarding the petrol stations projects, al-Muhannadi said the construction of Al Nigyan-2 station has been completed and it will be opened in 2025.
During 2025, it will witness the completion of the construction of four petrol stations and one Fahes vehicle technical inspection centre, he said, emphasising that Woqod's plan for these stations' construction is based on a dynamic plan wherein stations are built on as and when required basis.
Due to its strong performance accumulated over the years, Woqod has ranked 3rd among companies listed on the Qatar Stock Exchange in the field of environment, governance, and social responsibility (ESG).
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