Qatar Fuel (Woqod) is planning to open 15 new petrol stations across Qatar in the current year. The company is also planning to open four vehicle inspection (Fahes) centre this year, said a senior company official yesterday.
“This year we will try our best to open 15 new stations. We are in negotiation with the government for 40 (plots of) land that will be given to us soon. Our target is to reach 100 petrol stations by 2020,” said Ibrahim Jaham Al Kuwari, Chief Executive Officer of Woqod on the sidelines of its Annual General Ordinary and Extraordinary Assembly Meeting held at Al Dana Club.
The company opened 19 new stations including mobile terminals in different part of the country in 2016. “Of the 15 petrol station 10 are under-construction while 5 are almost under tendering process. These new petrol stations will be spread all across different locations in Qatar,” said Al Kuwari and added all the new stations will allow customers to fill fuel from both sides of the pump.
He said that the company is in talks to set up a lubricant plant in association with a local company. “We do not have lubricant plant but we are looking for the joint venture with one of the local companies in Qatar. This is under study with the company now with retail department. Soon we will finalise this agreement,” Al Kuwari said.
Addressing the shareholders, Sheikh Saoud bin Abdulrahman Al Thani, Chairman of Woqod said, “In 2016, we saw the number of stations owned by Qatar Fuel reach 56, including mobile terminals. New ns are nearing completion, and awaiting final approval to launch operations during 2017, and sites that have been allocated for new projects this year in addition to the projects that have been completed and new products that have been launched, such as WOQODe”.
“The Board of Directors is pleased to recommend a distribution of cash dividends of QR638m, 70 percent of the nominal capital and paid-up value of QR7 per share, and 9 percent bonus shares, taking into account the capital projects that the company plans to complete during 2017,” said the Chairman. “The net profit for the year for the Group has exceeded QR975m as compared to QR1,150m in 2015 with a decline of 15.2 percent. After excluding minority interests, the net profit for the year amounted to QR883m and the EPS for 2016 declined to QR9.7 as compared to QR11.5 in 2015,” he added.
