Posted on August 18, 2011

Qatar Fuel Company (Woqod), the company responsible for the distribution of all fuels in the country, on Wednesday said net profit in the first half of 2011 increased by 9.2 percent to QR599.5 million.

In the same period last year the company reported a net profit of QR548.9 million. Despite the increase in the capital base of the company through 20 percent bonus shares in 2010, earning per share (EPS) also rose by 9.2 percent to QR14.42 compared to QR13.20 in the same period last year.

The company that was listed on the Doha Securities Market (now Qatar Exchange) since 2002, further said total assets grew by 12.8 percent to QR6.9 billion in the period ending 30 June , 2011. Woqod distributes diesel, gasolines and aviation fuel through a fleet of more than 150 road tankers. The company trades in ship - to - ship bunkering, bitumen importation and distribution, lubricants and modern service stations. It also distributes all LPG in Qatar.

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Rated as one of Qatar’s top ten companies, being profitable since establishment and the first Qatari company to pay a dividend in its’ first financial year, reported a growth of six percent in total equity to QR4.3 billion.

Woqod is currently involved in implementation of more than 20 new projects in the country. These include opening of five new petrol stations by the year end, construction of two technical inspection centres in Mesaimeer petrol station and North University petrol station.

The company has also signed contracts with Cultural Village (Katara) and Qatar Foundation for providing retail services through Sidra’s chain. These projects are expected to be complete by year end. Another notable project is the product supply pipe-lines. This project is being executed by Qatar Petroleum on behalf of Woqod.

The first phase of the project includes an 18 inch pipeline to carry all types of petroleum products from Mesaieed Refinery to Doha depot has been completed. The second phase of the project is expected to supply the New Doha International Airport (NDIA) with jet fuel.


source: Qatar Tribune

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