Qatar Fuel Company (Woqod) recorded a profit increase of 70.7% in the first half of 2021, posting a net profit of 461 million Qatari riyals (after excluding minority interests), compared to 270 million Qatari riyals during the same period in 2020. The earnings per share for the first half stood at 0.46 Qatari riyals, compared to 0.27 Qatari riyals in the same period last year, according to a statement on the company's Facebook account.
The company attributed this growth in net profit and earnings per share to the noticeable improvement in the performance of most group activities and sales, coinciding with signs of recovery from the COVID-19 pandemic, along with an increase in efficiency and performance effectiveness in the group’s operations as per the existing policy.
Saeed Rashid Al-Muhandis, CEO and Managing Director of Woqod, stated that the company has opened two new fuel stations since the beginning of the current year, bringing the total number of stations managed by the company to 107. He added that the company plans to add another 4 stations by the end of this year and intends to build 7 more stations in 2022, making the total 118 stations at that time.
Al-Muhandis noted that due to the increase in the number of fuel stations, Woqod's share in the retail petroleum products market has reached 85%, and it is expected to reach 90% in the coming years.
Qatar Fuel operates in the energy production and supply sector, specializing in the storage, distribution, and marketing of oil and gas products. The company was established in 2002 as a public joint-stock company and was listed on the Doha Securities Market. Woqod is the exclusive distributor of all fuel products in Qatar and also operates in the fuel supply sector and provides fueling services for ships within Qatari waters. Woqod has four subsidiaries: Qatar Jet Fuel (Q-Jet), Woqod for Vehicle Inspection (Fahes), Woqod Marine, and Woqod International for Foreign Investment.
