Woqod Net Profit Surges 7% To QR1.052Bn In 2024
Date
1/23/2025 2:15:53 AM
(MENAFN- The Peninsula)
The Peninsula
Doha: Qatar fuel Company (Woqod) announced that its Board of Directors had held its annual meeting at 1:30 pm yesterday, under the chairmanship of Ahmed Saif Al Sulaiti.
The meeting was held at Woqod Tower, where the Board discussed and approved the performance of the company's business operations and financial results of Woqod Group for the year ended 31 December 2024 as compared to the year 2023.
Woqod Group net profit for 2024 (excluding minority rights) amounted to QR1.052bn, as compared to an amount of QR984m achieved in the year 2023, representing an increase of 7%.
Earnings per share for the year amounted to QR1.06, as compared to QR0.99 for the past year.
Based on the company's net profits in 2024 and considering the requirements of current and future projects, the Board has recommended to the Company's Annual Shareholders General Assembly, scheduled to be held on 19th February 2025 as an original date and 23 February 2025 as an alternative date, for approving the distribution of final dividend to shareholders worth QR1 per share.
After netting the interim dividend paid of QR0.40 per share, the remaining final dividend amount of QR0.60 will be distributed to the shareholder through the regulatory authority“EDAA”.
The year 2024 witnessed a 6% increase in total fuel sales volume, compared to 2023.
Total fuel sales reached a record high of 11.3 billion liters compared to 10.7 billion liters for the year 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 6.2 billion liters and Gasoline sales reached 3 billion liters, with an increase of 10% and 4% respectively as compared to 2023.
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