WOQOD to invest QR634m in new projects in '18

26/03/2018 06:18 AST

Qatar Fuel (WOQOD) has announced to make huge investment this year as part of expanding its operations in Qatar. The main distributor of retail petroleum products in the country is set to spend QR634m in developing new projects, with special focus in opening more fuel stations across the country, said a top official of the company yesterday.

"We have almost 30 petrol stations that we are currently building across the country. And those are not just plans, but signed contracts and commitments between WOQOD and a third party. We are investing QR634m for the expansion of the operations of the company within 2018," Chief Executive Officer, Saad Rashid Al Muhannadi told The Peninsula on the sidelines of the company's Annual General Meeting.

The company has already opened two new petrol stations within the first quarter of this year. The latest one was inaugurated last week in Salata Jadeed (New Salata), and with that increasing its network of various petrol stations to 60, as part of the company's ongoing expansion plans to be able to serve every area in Qatar. WOQOD has announced a target of building 120 petrol stations by 2020.

Commenting on the company's proposed and long-awaited lubricant plant, Al Muhannadi added: "We are collaborating with some companies. We have a solid plan, and very soon we will announce about it." In early 2015 the company had announced plans to establish an engine oil (lube-blending) production facility in Mesaieed Industrial City.

WOQOD also supplies a wide range of lubricants under different brand names such as Ghaf petrol engines and two-stroke engine oils, Qorm diesel engine oils, and other related products. Currently it sources the products from neighbouring countries.

Meanwhile, the Chairman of the Board of Directors of WOQOD Ahmad Saif Al Sulaiti presided over the General Assembly which witnessed the approval of all the agenda of the meeting, including Board's recommendation to distribute dividends amounting to QR8 per share (QR795.40m), equivalent to 80 percent of the nominal paid capital.

In his address to the shareholders, the Chairman said: "The Company has an ambitious plan for increasing its market stake for the distribution and transportation of petroleum products, natural gas, bitumen, ship bunker fuel, and other products."

He added: "This would be achieved through the implementation and operation of various projects, and concluding the necessary contracts and agreements relevant to these activities."

WOQOD posted a net profit of QR964m for the year ended December 31, 2017, up 9.2 percent compared to the corresponding period in previous year. In 2016, WOQOD had earned a net profit of QR883mn.

Return on share amounted to QR9.7 in 2017 compared with QR8.9 for the preceding year. WOQOD's "ownership rights" increased by 1.1 percent to QR7.4bn in 2017 compared with QR7.3bn in 2016.

The Peninsula