Doha - Qatar Fuel Company (Woqod) posted a net profit of QR223 million for the first three months of the year on Wednesday.

This is a decline of QR40 million, or 15 percent from the profit registered in the same period in 2022.

The earnings per share for the period amounted to QR0.22 compared to QR‎0.26 ‎for the same period of last year 2022.

The decrease in net profit and earnings per share compared to the same period in 2022 was driven by the lower sales volumes of Diesel and associated incomes as well as reduction in fuel prices. Improved income from other segments contributed to offset some of the impacts from lower diesel sales volumes.

With respect to fuel stations, Managing Director and Chief Executive Officer Saad Rashid Al Muhannadi indicated that the first quarter of 2023 witnessed the construction and operation of two stations.

Muhannadi ‎ ‎also explained that during the first quarter of 2023, the company managed to install 10 electric charging points in 7 petrol stations in coordination with Kahramaa noting that the installation activities of 6 other charging points in three stations as per the approved plan.

He further explained that Woqod has a dynamic plan in the construction of the new petrol stations that is ‎being reviewed periodically according to the conditions of fuel demand and the need for fuel stations.

On the other hand, Al Muhannadi explained that Woqod has been classified by Brand Finance among the top 10 most valuable brands in the oil and gas sector in the Middle East.

In conclusion, Al-Muhannadi assured that during the coming period, the company intends to work on a set of new initiatives to develop its non-petroleum activities in order to enhance the revenue from this sector, pointing out that Woqod Group will exert ‎all efforts to maintain and ‎enhance the service levels, continue to focuson the efficiency improvement and operational ‎excellence, and take all other viable measures in furtherance of the Group profitability and the ‎achievement of its vision, ‎mission and strategic goals as a pioneer downstream oil and gas ‎company, and to build ‎a modern,robust and state-of-the-art petroleum products distribution ‎sector within the country, in order to ‎keep pace with the general policy of the State of Qatar in ‎the modernization of infrastructure facilities, and to ‎provide the best services according to the ‎best QHSSE standards, and achieve the best results for its valued ‎shareholders.‎

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