Woqod Reports Net Profit of QR530 Million for 1st Half of 2014

Doha, July 23 (QNA) - The Board of Directors of Qatar Fuel (Woqod) approved on Tuesday the financial results achieved during the first half of 2014. The board also examined current and future projects under the chairmanship of HE Sheikh Saoud bin Abdulrahman Al-Thani, the Chairman of the Board of Directors. Chief Executive Officer of Woqod Eng. Ibrahim Jaham Al Kuwari said that the net profit (excluding minority interest) for the first half of 2014 exceeded QR530 million, an increase of 12.47% from last year. "Despite the capital increase by 30% by 2014 through the bonus shares, earnings per share amounted to QR6.28 for 2014, compared with QR5.58 for the same period last year," he said. The total asset value of the company exceeded QR10.4 billion for 2014, an increase of 9.65% from last year, while equity dropped by 2% to reach QR6.1 billion for that year, Al Kuwari said. Regarding the current and future projects implemented by the company, Al Kuwari said that Woqod is currently involved in implementation of more than 39 projects, 13 of them are progressing and the other are in design, tendering and approval stages. Five petrol stations in Al Wakra, Al Wajba, Al Jumailia, Lusail and Al Thakeera are currently under construction, in addition to the Saudi Arabia project, he said, adding that some of these projects are expected to be opened by the end of 2014, while the other will be completed later. Al Kuwari also pointed out that seven petrol stations are in design stages in the areas of Hamad International Airport (West), New Mesaimeer, Educational City (North), Educational City (Bani Hajer), Smeisma, Al Refaa Street and Al Thomama. Completion of these projects is expected during the first half of 2015, he said. He revealed that nine projects are under tendering process in the areas of Um Garn, Lektaifiah, Al Musahabia, Al Shamal City, New Al Rayan, Sodanatheel, Ain Jenan, Ben Dirham, And Hamad International Airport (East), adding that Woqod has also signed seven contracts with a local contracting company to start building these projects very soon. There are some 24 locations are currently under review for Woqod's future projects in addition to ten expansion projects (for existing petrol stations). The completion is expected by end-2014 Chief Executive Officer of Woqod Eng. Ibrahim Jaham Al Kuwari said that three new projects for establishing Sidra C-Store at Hamad Hospital, Aamal Tower and Barwa City are in design stages. These are expected to be completed before end-2014. Vehicle inspection centres (Fahes) at Al Mamoura and Wadi Al Banat are already completed and tested, he said, adding official inauguration will take place very soon once the pending issues related to software and connection facilities are finalised. Three new such centres at Al Shehaniah, Al Shamal and Al Khor are currently in the design stage and these are expected to be commissioned in 2015. LPG sales grew by 7% in the period under review and the number of cylinders refilled and sold reached 2.6 million units (metal cylinders) and 421,000 (Shafaf) in the first half of this year, Al Kuwari said. For Bitumen sales, Al Kuwari said that Woqod signed a contract with Ashghal Authority to supply Bitumen to its contractors and will invest about QR70 million for increasing storage and distribution capacity of Bitumen, including purchasing a new ship for this purpose. The total volume of sales of petroleum products (diesel, gasoline and jet fuel) during the first half of 2014 reached 3446 million litres, registering an increase of 11.6% compared to the same period last year. (QNA)