WOQOD achieves net profit of QR482m in H1

Doha: Qatar Fuel Company, hereinafter referred to as (WOQOD) or WOQOD Group or the Group , with the code name QFLS on Qatar Stock Exchange, a co...

Doha: Qatar Fuel Company, hereinafter referred to as (WOQOD) ‎or “WOQOD Group” or “the Group”, with the code name “QFLS” on Qatar Stock Exchange, a company with an exclusive concession in Qatar to distribute, sell, transport and market refined petroleum products & gas within Qatar including to airports and seaports, either by itself or through subsidiary ‎companies “QJET, FAHES and WOQOD Marine”, announced that its Board of Directors chaired by Ahmed Saif Al Sulaiti approved the financial results of WOQOD Group for the first half (H1) ended on 30 June 2024.

WOQOD Group’s net profit for the period (excluding minority rights) amounted to QR482m, compared to an amount of QR440m achieved in the same period of the year 2023, with an increase of QR42m, representing an increase rate of 9.5%. The earnings per share for the period amounted to QR0.48 share compared to QR0.44 for the same period of last year.

The increase in net profit and earnings per share was due to the increase of sales volume and other income. 

On the other hand, Saad Rashid Al Muhannadi, CEO and Managing Director, indicated that the Board of Directors, according to Article 47 of the Articles of Association, and Circular No. 5 of 2024, issued by the Qatar Financial Markets Authority on 04/07/2024, decided to distribute interim cash dividends at the rate of QR0.40 per share, and that the dividend entitlement will be to the shareholder who owns the share on the seventh working day from the date of issuance of the resolution, that is, at the close of the trading session on Sunday, 11/08/2024, and Edaa will manage the interim cash dividend distribution.

Al Muhannadi also explained that the total fuel sales volume for the period have increased by 10% compared to the same period of the year 2023, driven by the increase in Jet fuel sales by 16%. As for the petrol stations project, Al Muhannadi explained that it is expected that another station will be added in the third quarter of 2024. ‏