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18 February 2017
Qatar Fuel (Woqod) has posted a net profit of QR975m for the full-year of 2016. The company’s net profit during the previous year stood was QR1.15bn.
Announcing the results, Woqod Chairman Sheikh Saoud bin Abdulrahaman Al-Thani attributed the fall in net profit to a series of reasons including the cancellation of the various diesel sales price categories, the new Sales and Purchase Agreement (SPA) signed with QP and the allocation of funds to meet the requirements of the Qatar Pension & Retirement Law for Qatari employees.
Earnings per share (EPS) amounted to QR9.7 as compared to QR11.5 for 2015. The EPS decline was due to the issue of 8 percent bonus shares for the year 2015. Total assets reached QR11.3bn, while shareholders’ equity reached QR7.3bn for the period.
The Board of Directors recommended to the General Assembly to distribute a cash dividends of QR638m, or 70 percent of the paid-up capital at a value of QR7 per share. The board also recommended the distribution of 9 percent bonus shares, or 9 shares for every 100 shares owned at the date and proposed amendments to the Articles of Association of the company .
The Board of Directors will also table a proposal from QP, before the general assembly to amend the articles of association of the company to be submitted to the extraordinary general assembly meeting to increase the number of the Board members from seven to nine; three will be appointed by QP, including the Chairman and Vice Chairman; while the General Retirement and Pension Authority will appoint two members; and the General Assembly will elect four members through election.
Another proposal include to allow the State of Qatar, Qatar Investment Authority, Qatar Foundation for Education, Science and Community Development, and Qatar Holding Company to exceed the upper limit of shares ownership in the company.
Proposal to amend the decision-making process in the extraordinary general assembly meeting to be approved by a simple majority, and to change the dates of the two alternative meetings of the extraordinary general assembly, whereby the second meeting will be held within one month from the date of the first meeting, and the third meeting will be held a month after the date of the second meeting.
With regard to the current and future projects implemented by the company, Woqod CEO Ibrahim Jaham Al Kuwari said that the number of fuel stations that have been completed and operated during the year 2016 (including mobile terminals) were 19, bringing the total number of stations owned by the company to 56.
In addition to the stations that were opened during the period, there are another nine stations that have been completed or nearing completion and expected to start the operation during the first half of 2017. Also, there are other projects in the design and tender stage that are expected to run through 2017.
In addition, there are 36 new sites that have been allocated by the Department of Urban Planning to set up petrol stations in future. In regard to Technical Inspection (Fahes), there are three centers in the completion stage pending operation approval and another four in the tender and award phases.
Qatar Fuel (Woqod) has posted a net profit of QR975m for the full-year of 2016. The company’s net profit during the previous year stood was QR1.15bn.
Announcing the results, Woqod Chairman Sheikh Saoud bin Abdulrahaman Al-Thani attributed the fall in net profit to a series of reasons including the cancellation of the various diesel sales price categories, the new Sales and Purchase Agreement (SPA) signed with QP and the allocation of funds to meet the requirements of the Qatar Pension & Retirement Law for Qatari employees.
Earnings per share (EPS) amounted to QR9.7 as compared to QR11.5 for 2015. The EPS decline was due to the issue of 8 percent bonus shares for the year 2015. Total assets reached QR11.3bn, while shareholders’ equity reached QR7.3bn for the period.
The Board of Directors recommended to the General Assembly to distribute a cash dividends of QR638m, or 70 percent of the paid-up capital at a value of QR7 per share. The board also recommended the distribution of 9 percent bonus shares, or 9 shares for every 100 shares owned at the date and proposed amendments to the Articles of Association of the company .
The Board of Directors will also table a proposal from QP, before the general assembly to amend the articles of association of the company to be submitted to the extraordinary general assembly meeting to increase the number of the Board members from seven to nine; three will be appointed by QP, including the Chairman and Vice Chairman; while the General Retirement and Pension Authority will appoint two members; and the General Assembly will elect four members through election.
Another proposal include to allow the State of Qatar, Qatar Investment Authority, Qatar Foundation for Education, Science and Community Development, and Qatar Holding Company to exceed the upper limit of shares ownership in the company.
Proposal to amend the decision-making process in the extraordinary general assembly meeting to be approved by a simple majority, and to change the dates of the two alternative meetings of the extraordinary general assembly, whereby the second meeting will be held within one month from the date of the first meeting, and the third meeting will be held a month after the date of the second meeting.
With regard to the current and future projects implemented by the company, Woqod CEO Ibrahim Jaham Al Kuwari said that the number of fuel stations that have been completed and operated during the year 2016 (including mobile terminals) were 19, bringing the total number of stations owned by the company to 56.
In addition to the stations that were opened during the period, there are another nine stations that have been completed or nearing completion and expected to start the operation during the first half of 2017. Also, there are other projects in the design and tender stage that are expected to run through 2017.
In addition, there are 36 new sites that have been allocated by the Department of Urban Planning to set up petrol stations in future. In regard to Technical Inspection (Fahes), there are three centers in the completion stage pending operation approval and another four in the tender and award phases.
© The Peninsula 2017
