Woqod posts QR876mn Q3 net profit

Woqod (Qatar Fuel Company), which is currently implementing more than 40 projects, has reported a 1% dip in third-quarter net profit to QR876mn. “The decrease in Q3 profit is due to the completion of some major projects such as the New Doha International Airport, gas projects and others, which resulted in a decline of sales for certain petroleum products,” Woqod vice chairman and managing director Mohamed Turki al-Sobai said yesterday. Earnings per share (EPS) reached QR16.85 in September compared with QR21.35 in the same period last year. This is as a result of the increase in capital base through the issuance of 25% bonus shares. Woqod’s total assets reached QR8.3bn in September, up 19% on the same period last year. Four petrol stations in Roda Al Hamam, Bu Samra, Lakhdaira and Mesaieed West are expected to be opened during this quarter, al-Sobai said. Work on two petrol stations is progressing on The Pearl and Mesaieed North. Certain other projects are in the early stages of construction or in the tendering stage. Two technical inspection centres – at Mesaimeer and North University (both at petrol stations) will become functional soon. A Sidra Store will be opened in Woqod Tower, West Bay, which is currently under commissioning. Woqod’s product supply pipeline project is currently executed by Qatar Petroleum. The first phase that includes the laying of an 18-inch pipeline to carry all types of petroleum products from Mesaieed Refinery to Doha Depot has been completed. The second phase, which intends to supply the New Doha International Airport with jet fuel will be completed and commissioned before NDIA opening next year.