Tribune News network
Doh
Qatar Fuel (Woqod) net profit jumped 71 percent to QR301 million in the first quarter ending March 31, 2018, compared to QR176 million for the same period in 2017.
The company's earnings per share reached QR3.03, compared to QR1.77 for the first quarter of 2017.
Woqod CEO Saad Rashid al Muhannadi attributed the increase in profits to the efforts exerted to enhance efficiency in the works, activities and operations of the company, as well as the efforts to reduce expenses.
He said the operational expenses were reduced by 7 percent during the first quarter of 2018 compared to the corresponding period in 2017.
Muhannadi said Woqod is aiming to build 30 more petrol stations in 2018, including 10 mobile stations throughout Qatar. There are currently 17 petrol stations under construction in various parts of the country, most of which are due for completion during 2018.
Woqod CEO further said that 40 additional sites were in various stages of preparation, in order to qualify them for the construction of new petrol stations.
With regard to the company's operations, Muhannadi said there was substantial growth in sales of most of the products.
The average increase in the total sales of petroleum products was 4 percent compared to the first quarter of 2017.