Qatar Fuel (WOQOD) Net Profit Amounts to QR 876 Million for the Q3 of 2012

Doha, October 21 (QNA) - WOQOD's Board of Directors chaired by Mohammed Turki Al-Sobai, Vice Chairman and Managing Director of the Company, held its ordinary meeting on Sunday to discuss the financial results achieved during the period ended the 30th of September 2012. Announcing WOQOD's financial results, Al-Sobaie said that the board of directors reviwed the approved the financial results achieved during this period. The board also examined current and future projects and gave his directives. Net profit (after excluding minority interest) reached QR 876 Million for the Q3 2012 slightly declined by around 1% as compared to QR 888 Million for the same period of last year. This small decrease in profit is due to the completion of some major projects such as the New Doha International Airport, gas projects and others which resulted in a decline of sales for certain petroleum products. As a result of the increase in capital base through issuing 25% bonus shares in 2011, earning per share (EPS) reached QR 16.85 per share as compared to QR 21.35 for the same period of 2011. While total assets reached QR 8.3 Billion, up by 19% from last year figures, total equity increased by 9% to reach QR 5.2 Billion for the same period. Al Sobaie added that WOQOD is currently involved in implementaton of more than 40 projects (including expansion of projects of existing petrol stations and could be summarized as follows: 1. Petrol Stations Four petrol stations are totally completed and expected to be opened during the fourth quarter of 2012. These projects include Roda Al Hamam, Bu Samra, Lakhadaira and Mesaeed West. The constructions of two other projects are currently accelerating in the following areas: The Pearl and Messaieed north. Other projects such as Al Ruhaia, Al Wajba, The Marine at Doha Port, Um Thughaib, Um Karn, Al Thakeera, The Government, Al Jumailia, Al Qutaifa and Al Wakeer are either at early stage of construction or in tendering process. Other expansion projects such as Al Hilal, The Industrial Area, Al Daayen, North University and Muaither are progressing. Some of these expansions are already completed and the other will be finished during 2012. 2. Vehicle Inspection Centers (FAHES) Two technical inspection centers located Mesaimer petrol station and North University petrol stations are near completion and will be operational during the second half year of 2012. 3. Sidra C Stores After commissioning of Katara and the Education City, WOQOD's Tower C Store at Al-Dafna is completed and will be opened during the fourth quarter of 2012. 4. WOQOD's Tower WOQOD's Tower which is located at Al Dafna area is totally completed. The project is currently under commissioning and first stage mobilization is taken place. 5. Product supply Pipe Lines. This project is currently executed by Qatar Petroleum in cooperation with WOQOD. This first phase which includes 18 inch pipe line to carry all types of petroleum products from Mesaieed Refinery to Doha Depot has been completed. The second phase which intends to supply the New Doha Airport with Jet Fuel (JET-AI) will be completed and commissioned before the opening of the New Airport at the beginning of 2013. Finally Al Sobaie extended his gratitude and regard to the Chairman and mmebers of the Board for their full support and guidance emphasizing the financial strength and efficiency of the company and its readiness to serve the giant projects which are coming in the near future. (QNA)