WOQOD Net Profit Reached QR 1,150 Million for 2012

Doha, February 24 (QNA) - Qatar Fuel (WOQOD) has reported a net profit of QR1,150 million for the year 2012. A statement released by WOQOD said its Board of Directors held a meeting 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 period ended the 31th of December 2012. Announcing WOQOD's financial results, Vice-Chairman and Managing Director, Mohamed Turki Al-Sobai said that the Board of Directors reviewed and approved the audited financial results achieved during this period. The Board also examined current and future projects and gave his directives. Net profit (after excluding minority interest) exceeded QR1,150 million for the year 2012 , slightly declined by 0,028 % as compared to QR 1,184 million for the same period of last year (after the new adjustment in calculating the Company s contribution to the Activities Fund). Despite the increase in capital base through issuing 25% bonus shares in 2011, earning per share (EPS) amounted to QR 22, 13per share as compared to QR 22, 78 for the same period of 2011. While total assets reached QR 8billion, up by 15,7 % from last year figures, total equity recorded a growth rate of 14,3% to reach QR 5,5billion for the same period. Based on the achieved results for this period, and taking into considerations the current liquidity position and funds requirement for future capital expenditures, the Board of Directors is pleased to include within the agenda of your esteemed assembly which will be held on the 13th of March 2013, a recommendation to distribute cash dividends of QR. 519,750,000 according to a rate 100 % of the value of the paid-up nominal capital, i.e QR10 per share, in addition to 25% bonus shares i.e. 4 shares per 10 outstanding shares. -Sobai added that WOQOD is currently involved in implementation of more than 30 new projects. During 2012, four petrol stations: Al Sylieh , Muaither, Bu Fassil and Lakhdeera were commissioned. Another 4 petrol stations: Roda Al Hamam, the Pearl, Abu Samra and Mesaieed are near completion and expected to be opened during the first quarter of the year 2013. Other projects are currently either under construction, or in tendering stages in the following areas: Um Karn, Al Thakheera, Al Wajba, Al Jamelia, Al Kotaifa, Um Ghareebah, Lusail, Hamad International Airport, and New Mesaimeer. These projects are expected to be completed during the second half of 2013. The project of Saudi Arabia is in the stage of tendering and obtaining approvals of official documents and permits from the Saudi authorities. Expansion projects for existing petrol stations are currently taking place at Al-Hilal, Industrial Area and Al Thayen. Some of these expansions are near completion and the other will be finished during the first half of 2013. Two technical inspection centers located at Mesaimer petrol station and Wadi Al Banat petrol stations are near completion and will be operational during the first half year of 2013. WOQOD signed a contract with a specialized French company to provide equipment and technology for these centers. Three Sidra service centers were completed and operational during 2012 at the Cultural Village (Qatara), Qatar Foundation and WOQOD Tower at Al- Dafna for providing retail services through Sidra's chain. (QNA)