Woqod Profit Rises by 10% in 2022

Doha, January 18 (QNA) - Profit of Qatar Fuel Company (Woqod) rose by 10% to reach QR 1,070,065,000 in the fiscal year ended Dec. 31, 2022 in comparison to a net profit of QR 974,026,000 for the same period of the previous year.
The Earnings per share (EPS) amounted to QR 1.08 as of Dec. 31, 2022 versus EPS of QR 0.98 for the same period in 2021, the company said in a statement published on Qatar Stock Exchange website.
The Board of Directors have proposed a cash dividend of 90% of the nominal share value (QR0.90 per share). The amounts are subject to the approval of the General Assembly.
Woqod CEO and Managing Director Saad Rashid Al Muhannadi attributed the increase in net profit and earnings per share to the increase in the volume of sales, in addition to the continuation in implementation of the policy of rationalizing costs and enhancing efficiency.
Al Muhannadi indicated that Shareholders Equity increased to reach QR 9.2 billion in 2022 as compared to QR 9.0 billion for the year 2021.
He added that the year 2022 witnessed an 11% increase in total sales volume, as compared to 2021, where retail fuel sales through WOQOD stations increased by 9%, LPG sales increased by 14%, jet fuel increased by 20%, and bunker fuel increased by 27%. The increase in the sale volumes has led the company to achieve a record high revenue of QR 30 billion. (QNA)