DOHA: Qatar Fuel (Woqod) has reported net profits (after excluding minority interest) of over QR269m for first quarter Q1 of this year, up 8.9 percent as compared to the corresponding period of 2010.
Due to increasing capital base through issuing 20 percent bonus shares in 2010, earning per share (EPS) declined to QR6.47 as compared to QR7.86 for the corresponding period of 2010.
While total assets reached QR6.36bn up by 16,3 percent from last year figures, total equity recorded a growth rate of 13.5 percent to reach QR3.93bn for the corresponding period.
Woqod's Board of Directors Chaired by H E Abdullah bin Hamad Al Attiyah, Deputy Prime Minister and Chief of Emiri Diwan and Chairman of the company, held its meeting on April 28 to discuss Q1 financials.
Announcing the financial results, Vice-Chairman and Managing Director of the company, Mohamed Turki Al Sobai said that the Board of Directors reviewed and approved the financial results achieved during this period. The board also examined current and future projects and gave his directives.
Woqod is currently involved in implementation of more than 16 new projects. They include 12 petrol stations under construction in various locations in Qatar. Some of these projects are nearly completion and will be commissioned during the first half of this year. Additional four stations are at tendering process.
Woqod has signed two contracts with local companies for the construction of vehicle inspection centres (Fahes). The first centre has been located at Mesaimer petrol station, while the second one at North University area. These projects are expected to be commissioned before the end of 2011.
The company has signed a contract with the administration of the Cultural Village (Katara) for providing retail services through Sidra's chain. The project is expected to be completed by the end of this year.
Woqod's Tower which is located at Al Dafna area is close to completion. The project is expected to be commissioned during the second half of this year. Part of the Tower will be leased on commercial basis.
As for Product Supply Pipe-Lines, the project is currently executed by Qatar Petroleum, on behalf of Woqod. The first phase which includes 18 inch pipe line to carry all types of petroleum products from Mesaieed Refinery to Doha Depot has been completed. The second phase which intends to supply the New Doha Airport with Jet Fuel (Jet-A1) will be completed and commissioned before the opening of the New Airport.
Woqod's brands of lubricants have been widely accepted by local and regional markets. Contracts for distribution have been signed in Iraq and UAE. Other agreements are expected to be signed with Jordanian and Kuwaiti local agents, Al Sobai said in a release issued yesterday.
© The Peninsula 2011
