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Rahul Preeth
Doha
Qatar Fuel (Woqod) will add yet another vehicle inspection (FAHES) centre to its rapidly expanding network this year, taking the total number across Qatar to 13, Chief Executive Officer Saad Rashid al Muhannadi said on Monday.
Addressing the company’s annual general assembly and extraordinary general assembly in Doha, Muhannadi said Woqod opened three FAHES centres last year and has another one under design phase.
Figures from Woqod’s 2018 financial results suggest that FAHES centres play a significant role in enhancing the company’s earnings. Revenues from FAHES centres jumped to QR107 million in 2018 from QR78 million the previous year.
As the leading local fuel distributor, Woqod is also doubling down on expanding the network of its fuel stations and dispensers within them.
Last year, the company opened 32 new stations in the country, accounting for 62 percent of the number of stations opened since the establishment of the company in 2002, the chief executive said. This year, he added, Woqod will open 30 more stations.
“Woqod will thus be doubling the number of fuel stations owned by the company until 2017, in only two years. This shows our commitment to our customers and will certainly have a positive impact in the provision of services,” Muhannadi said.
Woqod’s Chairman Ahmad Said al Sulaiti attributed its positive earnings report last year to the growth strategy that has seen Woqod achieving 20 percent increase in net profit, 70 percent jump in fuel retail market share, a record sale of 10 billion litres of fuel and 61 percent increase in fuel dispensers in 2018.
“The group increased its stake in the market of transportation and distribution of petroleum products, natural gas, bunker fuel and bitumen, through the implementation of various projects,” Sulaiti said.
At the meeting, the shareholders approved the board of director’s recommendation to distribute a dividend of QR8 per share.
“Considering the financial results we achieved last year and the need for major capital projects scheduled for implementation during the forthcoming years, the Board of Directors recommended the distribution of dividends of QR795 million representing 80 percent of the nominal paid-up capital,” Sulaiti said.
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26/03/2019
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