(MENAFN- The Peninsula) The Peninsula
Qatar Fuel Company (Woqod) posted a net profit of QR373m for the first half (H1) of the current finical year ended June 30, 2017, down by 31 percent compared to QR540m compared to the corresponding period last year.
Ahmed Saif Al Sulaiti, Chairman of the Board of Directors of Woqod, approved the financial statements for the period, the company said in a statement yesterday.
Announcing Woqod's financial results, Chief Executive Officer, Saad Rashid Al Muhannadi said that the net profit for the parent company (after excluding minority interest) amounted to QR373m as compared to QR540m for the same period in 2016, with a decrease of QR167m, or 31 percent. The main reasons for the decrease in earnings, as compared to first half of 2016, is primarily attributed to the change in the new terms for fuel supplies to Woqod and its customers, and secondly to the increase in the National Pension Funds contributions as per the current legislation as well as the decline in the value of investment in shares.
Al Muhannadi stressed that Woqod would exert its best endeavors to improve the results in future.
He said that four fuel stations were opened in the first half of the year 2017, eight stations are under construction and fourteen are under tendering and designing stage.
In this respect, he also highlighted about petrol stations expansion projects, whereas two expansions were completed and three pending completion.
Al Muhanadi also stated that Woqod is coordinating with the Municipality for the allocation of 26 locations for the construction of petrol stations.
In regards to Fahes centres (vehicle inspection centres), three centres will be opened in 2017, whereas another two centres will be opened in 2018.
Retail activities include Sidra stores, car wash (manual and automatic), repair workshop, tyres, oil change and other services. Retail sales grew by more than 7 percent over the same period last year.
LPG sales (refilling and new) during the period grew by 14 percent. The sale of Metallic cylinders declined to 1.3 million, whereas sale of Shafaf cylinders (6 and 12 Kg) more than doubled and exceeded 3.2 million cylinders as a result of the promotional campaign to replace metallic cylinders with Shafaf cylinders.
As for the bitumen sales, type 60/70 recorded an unprecedented growth of over 168 percent, and sales of type Polymer PMB increased by more than 14 percent over the same period last year.
Bitumen sales are expected to increase significantly after the completion of the storage expansion project.
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