Tribune News Network
Doha
Qatar Fuel Company (Woqod) has announced a consolidated net profit of QR 771 million for the nine-month period ending September 30, 2024. This marks an 8 percent increase compared to QR712 million during the same period in 2023, demonstrating the company’s strong performance in a growing market.
Woqod’s earnings per share (EPS) for this period rose to QR0.78, up from QR0.72 in 2023. The rise in profit and EPS is attributed to higher demand for petroleum products throughout Qatar during this time.
The financial results and key performance indicators were approved by Woqod Chairman Ahmed Saif Al Sulaiti. The board also greenlit the Group’s capital and operational budget for 2025, reinforcing the company’s strategic plans for future growth.
As the exclusive distributor of refined petroleum products and gas in Qatar, Woqod plays a critical role in ensuring fuel availability throughout the country, including key locations such as airports and seaports. The company has continued to expand its operations to meet the growing energy needs of Qatar’s population and economy. In terms of infrastructure development, Woqod Managing Director and CEO Saad Rashid Al Muhannadi revealed that the company plans to add another petrol station in the final quarter of 2024. He explained that Woqod’s approach to station construction is dynamic, with new stations being built in response to current and projected future needs.
Additionally, Woqod has made significant strides in advancing its sustainability initiatives. The company has successfully installed 22 electric vehicle (EV) charging stations at 19 petrol stations across Qatar in partnership with Kahramaa, furthering the nation’s shift toward renewable energy solutions. This move is part of Woqod’s broader effort to promote green energy and support the government’s sustainability objectives.
Woqod’s is also focused on diversifying its revenue streams, with a particular emphasis on increasing income from non-petroleum product segments. This diversification strategy, which has already been implemented in 2024, aims to ensure sustained growth by expanding the company’s portfolio beyond traditional fuel services.
Al Muhannadi reiterated Woqod’s commitment to maximising shareholder and stakeholder benefits through continuous efforts to improve efficiency and effectiveness across all areas of its operations. Woqod will remain focused on meeting the highest international standards for health, safety, security, and environmentalsustainability.
Woqod’s future plans include not only expanding its petrol station network but also enhancing its capabilities in electric vehicle charging and compressed natural gas supply, positioning the company as a key player in Qatar’s evolving energy landscape. By embracing innovation and sustainable practices, Woqod is poised to continue delivering strong financial results while contributing to the country’s long-term energy goals.