(MENAFN- Gulf Times) Woqod's (Qatar Fuel) net profit for the first half of 2015 has reached QR540.9mn, up 2%, or a QR10.9mn increase, compared to QR530mn it recorded for the same period last year.
Based on its latest financial results for the period ended June 30, Woqod's total assets reached QR9.8bn, a 5.8% decrease compared to the same period last year, while total shareholder' s equity increased 6.1% to reach QR6.5bn for the same period.
Woqod CEO Ibrahim Jaham al-Kuwari said the company's latest financial results were approved on Tuesday during the board of directors meeting presided over by Woqod chairman Sheikh Saoud bin Abdulrahaman al-Thani.
Al-Kuwari also said earning per share (EPS) amounted to QR6.40 compared to QR6.28 for the same period last year.
He said liquefied petroleum gas (LPG) sales grew by 9%, while the number of cylinders refilled and sold reached 2.6mn units for metal and 964,000 for Shafaf.
"Woqod started an expansion project and purchasing a new ship for increasing storage and distribution capacity for Bitumen. This will result in a dramatic increase in the sales of Bitumen in the coming period. We are expecting to sign a contract for the supply of Bitumen 60/70 and modified (Polymer) in the second half of 2015," al-Kuwari said.
For the first half of 2015, the total volume sales of diesel, gasoline, and jet fuel reached 3.986bn litres, or a 15.4% increase, compared to the same period last year, al-Kuwari said.
"Sales are expected to increase significantly during the coming period after the commissioning of the Hamad International Airport," he said.
Al-Kuwari said of the 30 projects being implemented by Woqod, 14 are under construction, while the remaining 11 stations are in tendering stages, in addition to 17 expansion projects.
"There are 25 locations currently under review with the Ministry of Municipality for Woqod's future projects. These projects will cover new areas such as the South Motorway and the Doha express road," al-Kuwari said.
He said three petrol stations, namely Al-Wajbah, Lijmiliya, and Legthfiya, were officially inaugurated this year. Construction work for 13 other projects "are progressing," while nine projects will be opened this year and are expected to be completed in the first half of 2016.
He said five petrol stations in Al Khor, Al Wakrah South, Al Mazrooa, Madina Al Wseel, and Ras Laffan are in the design stages and are expected to be completed in 2016.
After the completion of the Al Hilal and Al Thayeen expansion projects, al-Kuwari said seven expansion projects are currently in their final stages and are expected to be completed in 2015.
He also said after the inauguration of Fahes (vehicle inspection) centres at Wadi Al Banat and Al Mamoura, six new centres at Al Shehaniah, North City, Al Khor, Al Shamal, Al Wakrah, Al Wukair, and Al Mazroah are currently in the design stages and are expected to be commissioned in 2016. Al-Kuwari said the four new Sidra C-Stores projects, which are currently in their design stages, are expected to be completed next year.
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