PHOTO
Qatar Fuel Company (Woqod) reported a net profit of QR163mn in the first quarter of 2026.
During its second board meeting Wednesday, Woqod chairman Ahmed Saif al-Sulaiti announced that the company's Q1 net profit this year dropped 29% compared to QR230mn recorded in the same period in 2025.
Earnings per share for the period amounted to QR0.16 per share compared to QR0.23 for the same period of last year.
The decrease in net profit and earnings per share was attributable to a 15% decrease in total fuel sales during the first quarter of 2026 and in jet fuel sales, which decreased significantly in March 2026 by 87% as compared to March 2025 due to the current regional war conditions.
On petrol station projects, Woqod managing director & CEO Saad Rashid al-Muhannadi said the company has awarded contracts for the construction of three new petrol stations, in addition to three stations currently in the tendering phase, and three more stations are in the development and modernisation stage, in accordance with the required technical standards.
Al-Muhannadi further said Woqod has a dynamic plan for the construction of new petrol stations that is being reviewed periodically according to demand conditions and the need for petrol stations.
He also explained that the board has reconstituted the Audit and Nomination, Remuneration and Incentives Committees, and has defined their tasks and responsibilities, in accordance with the directives of QFMA Governance Code No 5 of 2025.
Al-Muhannadi assured that Woqod is based on solid and strong pillars which enables the company to oversee the role it has set for in the country's strategic map, such as the building of a modern and robust distribution sector within the country, in furtherance with the general policy of Qatar in the modernisation of infrastructure facilities, as well as providing its services according to the best QHSSE standards, and achieving the best results for its valued shareholders.
