(MENAFN- Gulf Times) Woqod has earned a 'net income of QR643mn at the end of the third quarter in September, Qatar Fuel Company said yesterday.
In the same period last year, the company had earned a net income of QR777mn. The 17% fall in net income, Woqod said was primarily attributed to the change in fuel margins and transportation tariff.
The third quarter results were announced after a meeting of Woqod board of directors, chaired by Ahmed Saif al-Sulaiti in Doha yesterday.
Woqod chief executive officer Saad Rashid al-Muhannadi said the net income (excluding minority interest) for the third quarter amounted to QR270mn compared with QR237mn for the same period in 2016, representing an increase of 14%.
Similarly, the net income for the third quarter had gone up by 37% compared with the second quarter of this year.
Al-Muhannadi said Woqod was 'making all efforts to improve the results in future.
Woqod group, he said has embarked on a number of cost optimisation initiatives and, in spite of additional operating costs related to new stations, managed to reduce the cash operating expenses by 6% for the period that ended in September compared with the same period last year.
In respect of the company's projects, al-Muhannadi said the number of petrol stations in operation under the company's ownership or management, including mobile dispensing facilities, has reached 58. This includes six petrol stations, including two mobile petrol stations, opened this year.
In addition, 13 stations are under construction and 12 under the tendering and designing stage.
Woqod is planning to increase the number of petrol stations to 83 by 2018-end and 120 by 2022.
Al-Muhanadi stated Woqod was currently coordinating with the Ministry of Municipality and Environment for the allocation of more locations for petrol stations. With regard to Fahes centres, al-Muhannadi said some two new vehicle inspection centres started operation in the period under review up to September. Another Fahes station will be opened by the end of this year.
With respect to the Bitumen Terminal expansion, al-Muhannadi said 'it is expected to be fully operational by the third quarter 2018.
Woqod said the company's fuel and non-fuel sales grew by 25.5% and 8.4% respectively in the period under review compared to the same period last year.
Woqod introduced the electronic payment system ‘WOQODe' in January 2016. The system works through an electronic Radio Frequency Identification (RFID) chip tag fitted in the vehicle's fuel tank.
The number of tags installed during the period up to September reached 69,078 tags, representing an increase of 150% over the corresponding period 2016.
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