Woqod posts net gain of QR1.15bn; projects lined up

Qatar Fuel (Woqod) has posted a net profit of QR1.15bn in 2012, which indicates a slight decline of 0.02% compared with QR1.18bn in 2011.

Woqod’s board of directors has recommended to the company general assembly to distribute cash dividends of QR519.75mn or 100% of the value of the paid up nominal capital, which translates into QR10 per share.

This is in addition to 25% bonus shares, which translates into four shares for 10 outstanding shares.

The company’s assets totalled QR8bn in 2012, up 15.7% on 2011, while total equity grew 14.3% to reach QR5.5bn last year.

The results were announced by Woqod vice-chairman and managing director Mohamed Turki al-Sobai after a meeting of the company’s board of directors here yesterday. Woqod chairman HE Abdullah bin Hamad al-Attiyah, also President of Administrative Control and Transparency Authority presided.

Despite the increase in capital base through issuance of 25% bonus shares  in 2011, Woqod’s earnings per share (EPS) amounted to QR22.13 in 2012 compared with QR22.78 in 2011.

Al-Sobai said Woqod commissioned four petrol stations — Al Sylieh, Muaither, Bu Fassil and Lakhdeera in 2012.

Another four petrol stations — Roda Al Hamam, The Pearl, Abu Samra and Mesaieed — are nearing completion and expected to be opened during the first quarter of 2013.

Some other projects are either under construction or at the tendering stage, Woqod said. They are at Um Karn, Al Thakheera, Al Wajba, Al Jamelia, Al Kotaifa, Um Ghareebah, Lusail, Hamad International Airport and New Mesaimeer.

These projects are expected to be completed in the second half of 2013.

The expansion projects at existing petrol stations at Al Hilal, Industrial Area and Al Thayen are fast progressing. Some of these are nearing completion while others will be finished during the first half of 2013.

A project in Saudi Arabia is in the tendering stage even as the process of obtaining necessary approvals from the authorities concerned is on.

The work on two new vehicle inspection centres (Fahes) located at Mesaimeer petrol station and Wadi Al Banat petrol stations is nearing completion. Woqod said these will be operational before June.

Woqod had earlier signed contract with a specialised French company to provide equipment and technology for these centres.

Three Sidra Stores became operational last year at Woqod Tower (West Bay), Qatar Foundation campus and Katara Cultural Village.

Woqod’s product supply pipeline project is currently being 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 Hamad International Airport with jet fuel will be completed and commissioned before the airport opening this year.