Qatar Fuel (WOQOD) Net Profit Amounted to QR 553 Million

Doha, July 28 (QNA) - Qatar Fuel (WOQOD) announced on Sunday it has achieved a net profit of QR 553 million for the period ended 30 June 2013. WOQOD Board of Directors held a meeting this evening chaired by HE Abdullah bin Hamad Al- Attiyah, Chairman of the Administrative Control and Transparency Authority and the Chairman of the Board of Directors to discuss the financial results achieved during the first half of 2013, the company said in a press release. Announcing WOQODs financial results, Vice-Chairman and Managing Director, Mohamed Turki Al-Sobai said that the Board of Directors reviewed and approved the financial results achieved during this period. The Board also examined current and future projects and other related issues and gave its directives. Net profit amounted to QR 553 million for the period ended 30 June 2013, with a slight decline of QR 8 million or 1.4 % as compared to QR 561 million for the same period of 2012 . Despite the increase in capital base through issuing 25% bonus shares in 2012, earning per share (EPS) amounted to QR 8.50 as compared to QR 8.63 for the same period of 2012. While total assets reached QR 8,482 million up by 11 % from First half/2012 figures, total equity recorded a growth rate of 14 % to reach QR 5,629 million for 2013. Al-Sobai added that WOQOD is currently involved in implementation of more than 37 projects (including expansion projects). In addition to the opening of Roda Al Hamam station at the North Highway, 4 petrol stations: Abu Samra , Mesaieed West , Mesaieed North and the Pearl are totally completed and expected to be opened when the Civil Defense permits are issued, he said. Other 16 projects are currently either in approval procedures, or in tendering stages and expected to be completed in 2014, he added. Eleven expansion projects for existing petrol stations (and other locations) are currently taking place at: Al-Thayen, Al-Hilal, Industrial Area, Dukhan, Muaither, Bu Fasila, Al-Gharrafa, West Bay, Seylia, and Mesaimeer. Most of these expansions are near completion and expected to be opened during the second half of 2013. The project of Saudi Arabia is in the stage of tendering and will be launched in the second half of 2013, he added. Eleven expansion projects for existing petrol stations (and other locations) are currently taking place at: Al-Thayen, Al-Hilal, Industrial Area, Dukhan, Muaither, Bu Fasila, Al-Gharrafa, West Bay, Seylia, and Mesaimeer. Most of these expansions are near completion and expected to be opened during the second half of 2013, he added. Bitumen sales which increased by 63% is expected to grow rapidly as a result of high demand in the coming months and the completion of the expansion storage projects, he said. (QNA)