- Qatar Fuel Company (Woqod) reported a consolidated net profit of QR 771 million for the first nine months of 2024, an 8% increase from QR 712 million in 2023.
- Earnings per share rose to QR 0.78, up from QR 0.72 in the previous year, reflecting strong financial performance.
- Woqod is expanding its infrastructure, with plans to add a new petrol station in late 2024 to meet increasing energy needs.
- The company has installed 22 electric vehicle charging stations at 19 petrol stations, promoting sustainability and supporting Qatar’s renewable energy initiatives.
Qatar Fuel Company (Woqod) recently announced a consolidated net profit of QR 771 million for the nine months ending September 30, 2024. This impressive result reflects an 8 percent increase from QR 712 million during the same period last year. The growth underscores Woqod’s solid performance in a robust market, driven by heightened demand for petroleum products across Qatar.
Earnings Growth and Financial Stability
Woqod’s earnings per share (EPS) also saw a notable increase, rising to QR 0.78 compared to QR 0.72 in 2023. This upward trend in both profit and EPS can be attributed to the surging demand for fuel as Qatar’s economy expands.
The board of directors, led by Chairman Ahmed Saif Al Sulaiti, has approved these financial results along with the company’s key performance indicators. Furthermore, they have greenlit the operational and capital budget for 2025, signaling a commitment to Woqod’s strategic growth initiatives.
Role in National Energy Infrastructure
As the exclusive distributor of refined petroleum products and gas in Qatar, Woqod plays a vital role in maintaining fuel availability nationwide. The company ensures that essential locations, including airports and seaports, are well-supplied. In response to the growing energy needs of the nation, Woqod has been actively expanding its operations.
Saad Rashid Al Muhannadi, Managing Director and CEO, announced plans to introduce an additional petrol station in the final quarter of 2024. Woqod’s approach to constructing new stations is dynamic and responsive to both current and anticipated future demands.
Commitment to Sustainability and Innovation
Woqod is also making significant progress in its sustainability initiatives. The company has successfully installed 22 electric vehicle (EV) charging stations across 19 petrol stations in collaboration with Kahramaa.
This initiative not only supports the transition to renewable energy solutions but also aligns with the national agenda for sustainability. By expanding its EV charging infrastructure, Woqod demonstrates its commitment to promoting green energy alternatives.
Moreover, Woqod aims to diversify its revenue streams by focusing on increasing income from non-petroleum product segments. This diversification strategy, initiated in 2024, is designed to ensure continuous growth by broadening the company’s portfolio beyond traditional fuel services. Such efforts are vital for maintaining financial stability and enhancing overall performance.
Enhancing Operational Efficiency
Al Muhannadi emphasized Woqod’s dedication to maximizing benefits for shareholders and stakeholders alike. The company continually seeks to improve efficiency and effectiveness across all operations. By adhering to the highest international standards in health, safety, security, and environmental sustainability, Woqod positions itself as a responsible corporate citizen in the energy sector.
Future Outlook and Strategic Vision
Looking ahead, Woqod plans to not only expand its network of petrol stations but also enhance its capabilities in electric vehicle charging and the supply of compressed natural gas. These initiatives will position Woqod as a key player in Qatar’s evolving energy landscape.
The company’s commitment to innovation and sustainable practices places it in a strong position to continue delivering robust financial results while contributing to the nation’s long-term energy goals.
In summary, Woqod’s strong financial performance, strategic expansion plans, and commitment to sustainability highlight its critical role in Qatar’s energy sector. With a clear vision for the future, the company is set to navigate the evolving market while prioritizing shareholder value and environmental stewardship.
