Woqod (Qatar Fuel) will open one more fuel station before the year-end, taking the total to 118, said company managing director and CEO Saad Rashid al-Muhannadi.
Woqod, he said, pursues a “dynamic” plan vis-à-vis construction of fuel stations, taking into account the current and future requirements.
Al-Muhannadi said the company has installed some 26 Electrical Vehicle Chargers (EVCs) in as many as 19 petrol stations in Qatar in co-operation with Kahramaa.
Last year, Kahramaa and Woqod had signed an agreement to supply, install and operate some 37 charging units for electric vehicles distributed over 22 sites in the country.
Al-Muhannadi noted that Woqod is studying several other options in order to increase the income from non-petroleum products segments, which will be “applied” during the current year.
He informed that the Cabinet has approved the renewal of Woqod’s concession for an additional five years.
Currently, Woqod holds “exclusive concession in Qatar to distribute, sell, transport and market refined petroleum products and gas within the country including airports and seaports.
“Woqod Group will continue deploying all efforts in enhancing the benefits of its shareholders and all stakeholders, by taking appropriate initiatives in developing the petroleum products distribution sector in the country.
“This will be done within the framework of Qatar’s general policy of modernisation, development, strengthening the pillars of the country's national economy and securing the permanent supply of fuel in accordance with the best international standards in the fields of health, security, safety and environmental considerations,” al-Muhannadi said.
Meanwhile, Woqod Group’s consolidated net profit (attributable to the shareholders) for the period ended on September 30 amounted to QR712mn, compared to QR763mn registered during the same period in 2022.
This represents a decrease of QR51mn, or 7%.
Earnings per share for the period amounted to QR0.72 compared to QR0.77 for the same period last year.
“The decrease in net profit and earnings per share was due to supply and demand factors for petroleum products during the period concerned,” Woqod said after a meeting of the company’s Board of Directors presided over by company chairman Ahmed Saif al-Sulaiti.
The Board also approved Woqod’s Group's capital and operational budget for 2024, the company said in a statement.