Woqod expects better growth in 2016

07/03/2016 07:56 AST

Qatar Fuel (Woqod) yesterday held its Annual General Meeting (AGM) and approved the recommendation of its Board of Directors to distribute cash dividends of about QR692.57m according to a rate of 82 percent of the value of the paid-up nominal capital (QR8.2 per share), in addition to 8 percent bonus shares (8 shares per 100 outstanding shares).

The company's net profit for 2015 touched QR1.2bn, up 11 percent, compared with the previous year. Earnings per share (EPS) increased to QR14.84 from QR13.41.

The meeting was chaired by Sheikh Saoud bin Abdulrahaman Al Thani, the Chairman of the Board of Directors. Total shareholder's equity reached QR7.2bn with an increase amounting QR222m representing a growth of 3.2 percent compared with same period of last year.

"Seeing the first quarter performance, we are expecting to maintain the same rate of growth and profits or even higher during the current financial year," Ibrahim Jaham Al Kuwari, CEO of Woqod told The Peninsula on the sidelines of the AGM yesterday.

"As we are going to open about 18 more additional fuels stations across the country, we are expecting higher revenues and profits. Besides that we have some specialised projects such as improved fleet size of our transport services, which is another source of income for the company," he added. "And also we have introduced new technologies such as the smart fueling and payment system named 'WOQODe' with significant investments, which will bring additional income to the company."

He said that the newly introduced 'WOQODe' system will not only generate income for the company but also provide tight control over fuel usage and bills, especially to companies with big fleet size of vehicles.

Al Kuwari said that Woqod is currently involved in implementation of many projects under construction, tendering, designing and approval stages.

The Peninsula