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MENAFN - The Peninsula - 11/02/2014

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(MENAFN - The Peninsula) Qatar Fuel's (Woqod) net profit exceeded QR1.2bn for the year 2013, an increase by 5.75 percent compared to the year 2012. Despite the growth in capital base through issuing 25 percent bonus shares in 2012, earning per share (EPS) increased to QR18.72 per share as compared to QR17.70 for the same period of 2012.

The results were announced by Woqod's Vice-Chairman and Managing Director Mohamed Turki Al Sobai, after the Board of Directors chaired by Woqod Chairman H E Abdullah bin Hamad Al Attiyah, discussed the company's financial results for the year.

Al Sobai said Woqod's total assets reached QR9.7bn, up by 20.45 percent from the previous year's figures; and total equity recorded a growth rate of 15.47 percent to reach QR6.3bn for the same period.

The Board of Directors recommended distributing cash dividends of QR649,687,500, according to a rate of 100 percent of the value of the paid-up nominal capital, i.e QR10 per share, in addition to 30 percent bonus shares i.e. 3 shares per 10 outstanding shares.

Al Sobai added that Woqod is currently involved in implementation of 17 new projects including petrol stations, vehicle inspection centres, retail services and sales of petroleum products.

During 2013, five petrol stations - Rawda Al Hamam, The Pearl, Mesaieed West, Bou Samra and Mesaieed North were commissioned. Another four petrol stations in Al Jumailia, Lusail, Al Thakeera, and Al Wajba are either under construction or in tendering stages and expected to be opened during the second half of the year 2014.

Other five projects are currently in design stages in Al Kotaifa, Um Ghraibiah, Hamad International Airport East, Hamad International Airport West, and the New Al Rayyan areas. These projects are expected to be completed by the end of 2014. As far as expansion projects for existing petrol stations are concerned, one project at Al Thayeen has been completed. Four other projects at Al-Hilal, Industrial Area, Muaither and Bu Fasila are under construction. They are expected to be completed by the end of 2014.

The project of Saudi Arabia is in the stage of tendering. Woqod managed to obtain all the approvals and official documents from the Saudi authorities. A Saudi consulting firm has been appointed and work will start soon.

Fahes Technical Inspection Centre located at Al Mamoura is totally completed and tested. The official commissioning will take place once the IT and other technical issues with the Traffic Department are finalised. The Wadi Al Banat centre is nearing completion and expected to open in the first half of 2014.

 






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