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Qatar Fuel’s net profit surges 3.36% to QR884.8m

Qatar Fuel’s net profit surges 3.36% to QR884.8m

DOHA: Qatar Fuel’s (Woqod) net profit, after excluding minority interest, reached QR884.8m for the third quarter of 2015 (Q3, 15). The Q3, 15 profit reflects an increase of QR28.7m or 3.36 percent as compared to the same period of 2014.

Woqod’s Board of Directors, chaired by Sheikh Saoud bin Abdulrahaman Al Thani (pictured), the Chairman of the Board, reviewed and approved the results. The Board also examined current and future projects and other related issues and gave his directives.

Announcing Woqod’s financial results Chief Executive Officer Ibrahim Jaham Al Kuwari said that the company’s earning per share (EPS) amounted to QR10.48 as compared to QR10.14 for the same period of last year.

Al Kuwari added that Woqod is currently involved in implementation of more than 19 projects under construction and three projects in design and approval stages, in addition to six projects in tendering process. Woqod is currently coordinating with the Ministry of Municipality for the allocation of 25 slots of land for establishing new projects in different areas. In addition to these projects and the two new expansions like Fahes and Sidra, the company has lined up a series of development projects.

Following the inauguration of 4 petrol stations during the year of 2015, seven stations are currently close to completion. All these projects are expected to be opened by the end of 2015.

In addition to the above projects, 12 petrol stations in Al Thameed, Abu Nakhla, Al Muntazah, Meshaireb — Al Rayyan Street, Old Al Ghanem, Doha Airport- Um Ghowailina, New Hamad Airport, Al Okla- Lusail, North City, Al Bisat Al Akhthar, Al Khoor and Wadi Abu Saleel are in early stages of construction and expected to be opened in 2016.

Six projects, including Al Thomama, Al Hadarmah, Um Qarn, Al Karaana, Al Moshaf, Al Wukaer and south Wakrah are in tendering stages and construction could start before the end of 2015.

Three projects for petrol stations Al Mazroaah, Ras Laffan and Al Wsail- Jabal Thaalab are in design and approval stages. Completion of these projects are expected in 2016.

Twenty-Five locations are currently under review with the Ministry of Municipality for WOQOD new projects in different areas of the State of Qatar.

Following the completion of 5 projects during 2015, another five expansion projects for existing petrol stations are currently taking place at: Al Seylia, West Bey, Wadi Al Banat, Mesaimeer East and Al Gharrafa. Completion is expected by the end of 2015 and early 2016.