Woqood Posts QR561 Million in Profits in 2012

Doha, August 14 (QNA) - Qatar Fuel Company (Woqood) announced Tuesday that it achieved profits worth QR 561 million in the first half of 2012, a 6.3% decrease yea-on-year. In 2011, the company's profits were QR599 million . The company's Deputy Chairman Mohammed Turki Al Subaie said that profits went down because the company provided fuel to a number of major Qatari national projects such as the new International Doha Airport and LNG-related projects. Earning per share dropped to QR10.79 to QR11.53 in 2011, Al Subaie said, adding that increasing Woqood's capital by 25% was the main reason behind the decrease. As for the company's assets, the Deputy Chairman said that Woqood had increased its assets by 9% to reach QR7.6 billion. Al Subaie was speaking at a meeting to discuss the company's financial situation. They also reviewed its latest investments in 2012, which included opening three new petrol stations in Muaither, Al Sailiya and in Bou Fesila. Four new petrol stations will also follow in the coming months. (QNA)