WOQOD’s Board of Directors duly chaired by HE Sheikh Saoud Ben Abdulrahaman Al Thani, the Chairman of the Board of Directors held its meeting on the evening of Monday, at WOQOD Tower - Al-Dafna, to discuss the financial results achieved during the period ended 31 December 2014.
The Board approved the results and recommended to the General Assembly to include in its agenda for the meeting on the 15 March 2015 to distribute cash dividends of QR 760 million according to a rate of 90% of the value of the paid-up nominal capital , i.e, QR 9 per share.
Announcing WOQOD’s financial results Chief Executive Officer, Eng. Ibrahim Jaham Al Kuwari said that the Board of Directors reviewed and approved the financial results achieved during this period. The Board also examined current and future projects and other related issues and gave his directives.
Net profit (after excluding minority interest) amounted to QR 1132 million, increased by 1% as compared to QR 1122 million for the same period of 2013.
Despite increasing capital base through issuing 30% bonus shares in 2013, earning per share (EPS) amounted to QR13.41 as compared to QR 13.30 for last year.
While total assets reached QR 10.55 billion increased by 10.56% from last figures, total shareholder’s equity recorded an increase rate of 8% to reach QR6.76 billion for that period.
Eng. Al Kuwari added that WOQOD is currently involved in implementation of more than 39 projects under construction, tendering, designing and approval stages, and 16 projects in design and approval stages. These projects include new petrol stations, expansions, Fahes centers, Sidra C-Stores and Bitumen facilities and could be could be summarized as follows: 1) Petrol Stations: a- Projects Under Construction: Thirteen petrol stations: Al-Wakra, Al-Wajba, Al-Jumailia, Lusail , Al-Thakeera, Liktaifia, Al-Musahabia, Al-Shamal North, Al-Rayyan New, Sodanatheel, Fleeha, Ben Dirham, and Hamad International Airport are currently under construction, in addition to the Saudi Arabia project. Some of these projects are expected to be opened by the end of 2015 or the beginning of 2016.
b- Projects in Design Stages: Seven petrol stations are in design stages in the areas of : New Mesaimeer, Educational City North, Educational City Bani Hajer, Smeisma, Al-Refaa Street, Al-Thomama and Um Karn. Completion of these projects is expected during 2015 or beginning of 2016.
c- Projects in the stage of land allocation: Twenty-Five locations are currently under review with the Ministry of Municipality for WOQOD’s future projects. These projects will cover new areas such as the South Motorway and Doha express road.
2) Expansion Projects: Ten expansion projects for existing petrol stations are currently taking place at: Ein Khalid, Muaither, Al-Thaayen, Bu Fasila, Al-Sailia, West-Bay, Mesaimeer East, Wadi Al-Banat, and Al-Gharrafa. Completion is expected by the end of 2015.
3) C-Stores (Sidra): Four new projects for establishing C-Store at Hamad Hospital, Aamal Tower, Barwa City and Barwa Commercial are in design and approval stages. They are expected to be completed during the end of 2015.
4) Vehicle Inspection Centers (FAHES): Wadi Al-Banat Inspection Centre (Fahes) was inaugurated in December 2014 and Al-Mamoura Fahes will be commissioned in January 2015. Four new centers at : Al Shehaniah, North City and Al-Khoor and Al-Wakra are currently in design stages. They are expected to be commissioned in 2015 or early 2016.
5) Marketing Activities: These activities include sales of Sidra C-Stores, car wash (manual and automatic), workshops tires and repair, lubricant change and other services. The total volume of sales for all these activities has averaged at a growth rate of 17% for the period.
6) LPG and Other Products: LPG sales grew by5 % and the number of cylinders refilled and sold reached 5.1 million units for metal, 1.4 million units for Shafaf 12kg and 39 thousand for 6kg.
Concerning the Compressed Natural Gas (CNG), WOQOD is planning to develop this sector under the leadership of Qatar Petroleum and to establish extra 7 stations by 2017.
For Bitumen sales, WOQOD signed an MOU with Ashghal Public Authority to supply Bitumen 60/70 and modified (Polymer) to its contractors. WOQOD will build additional storage tanks to increase its capacity to 3000 MT, and already purchased a new ship for this purpose. This will result in a dramatic increase in the sales of Bitumen in the coming period.
7) Petroleum Products: During this period, total volume sales of petroleum products (Diesel, Gasoline and Jet Fuel) reached 7,256 million liters with an increase of 12.7% compared to last year. WOQOD also provides diesel tank lease and diesel transport vehicles (with/without driver) services to both business and individuals.
Finally, Eng. Al Kuwari extended his gratitude and regards to HE the Chairman of the Board and the members, and to our valuable shareholders for their full support, trust, and wise guidance, emphasizing the financial strength of the Company, dedication and commitment of the management team and employees to work hard to achieve the Company’s objectives.