Woqod has reported 12% year-on-year expansion in net profit to QR253mn in the first quarter of this year. The earning per share for the period amounted to QR0.25 compared to QR0.23 for the same period of last year 2020.
The year-on-year increase in net profit and earnings-per-share was due to the relative increase in sales of petroleum and non-petroleum products, and owing to a 15% reduction in administrative and general expenditures costs, prompted by the implementation of the efficiency and cost optimisation policy.
"The first quarter of 2021 witnessed an increase in diesel sales by 3%, super gasoline sales by 10%, natural gas by 21%, retail fuel sales by 4% and non-petroleum retail sales by 5%, thanks to the opening of several additional fuel stations in the period following the first quarter of 2020," Saad Rashid al-Muhannadi, managing director and chief executive of Woqod said.
On the other hand, jet fuel sales decreased by 23% compared to the same period in 2020, due to the decline in airline activities following the spread of the corona pandemic and restrictions imposed on many airports around the world.
During the first quarter of 2021, the company opened a new gas station in Al Mearad area, and therefore the total number of stations by the end of the first quarter 2021 stood at 107 stations.
The company intends to complete the construction of five more new stations by the end of the fourth quarter of 2021, he said, adding Woqod has a dynamic plan in the construction of the new stations that is being reviewed periodically according to the conditions of fuels demand and the need for fuel stations.
He said Woqod being the exclusive downstream oil and gas supplier in Qatar, is responsible for ensuring the continuous supply of petroleum products to all sectors in Qatar, and therefore implemented a flexible and effective plan for the continuity of supply operations for those sectors.