Woqod announced a net profit for Q1, 2019 of QR327m, compared to QR301m for the same period in 2018, an increase of 9 per cent, CEO Saad Rashid Al Muhannadi said the increase in profit is attributable to the efforts exerted to enhance efficiency in the business activities and operations of the company, as well as the concomitant efforts to reduce expenses. He added operational expenses were reduced by 8 per cent during Q1, 2019 compared to the corresponding period in 2018. EPS stood at QR3.29, compared to QR3.03 for the first quarter of 2018.
Al Muhannadi said in 2019, Woqod aims to build and operate 30 more petrol stations bringing the total to 114 by the end of this year. He said Woqod plans to build another 50 petrol stations from 2020 to 2023.
Al Muhannadi said Woqod achieved 3 per cent growth in total fuel sales, where sales of Jet A1 which increased by 9 per cent, bitumen by 17 per cent, LPG by 4 per cent, natural gas by 62 per cent and heavy fuel oil by 44 per cent. Retail sales of petroleum products rose by 30 per cent while non-oil retail sales, including Sidra stores sales, grew by 13 per cent.