- Woqod’s net profit surged by 7% in 2024, reaching QR1.052bn, fueled by record-high fuel sales.
- Earnings per share rose to QR1.06, with QR0.60 per share to be distributed as a final dividend.
- Major expansions include five new stations in 2025 and enhanced safety measures across operations.
Qatar Fuel Company (Woqod) has announced an impressive 7% increase in net profit for the year 2024, reaching QR1.052bn, compared to QR984m in 2023. This milestone was shared during the Board of Directors’ annual meeting, chaired by Ahmed Saif Al Sulaiti, at Woqod Tower.
Key highlights of the year include a surge in total fuel sales volume by 6%, achieving a record high of 11.3 billion liters. Notably, jet fuel sales grew by 10%, reaching 6.2 billion liters, while gasoline sales rose by 4%, totaling 3 billion liters. These achievements mark the highest annual sales volumes in Woqod’s history.
The company’s earnings per share improved from QR0.99 in 2023 to QR1.06 in 2024. Reflecting this success, the Board recommended a final dividend distribution of QR1 per share, with shareholders set to receive QR0.60 after the interim dividend of QR0.40.
Managing Director and CEO, Eng. Saad Rashid Al Muhannadi, emphasized significant strides in safety and security, with a 59% improvement in Loss Time Incident Frequency (LTIF) and a 19% increase in Total Recordable Case Frequency (TRCF). Additionally, Al Muhannadi highlighted ongoing infrastructure developments, including the completion of Al Nigyan-2 petrol station and the construction of four more stations and a vehicle inspection center in 2025.
Woqod is also exploring international growth opportunities and remains committed to operational excellence, sustainability, and aligning with Qatar’s national development goals.
This achievement solidifies Woqod’s position as a key player in Qatar’s energy sector, consistently delivering value to its shareholders and customers.
