H E Abdullah bin Hamad Al Attiyah (centre), Chairman of the Administrative Control and Transparency Authority, and also the Chairman of the Board of Directors of Woqod, at the annual general meeting of Woqod yesterday.
BY MOHAMMAD SHOEB
DOHA: Qatar Petroleum (QP), which holds 40 percent stake in Woqod (Qatar Fuel), has decided to transfer 20 percent of its shares to General Retirement and Social Insurance Authority (GRSIA) fund, which maintains the retirement and pension rights for Qatari citizens, H E Abdullah bin Hamad Al Attiyah, Chairman of the Administrative Control and Transparency Authority, and also the Chairman of the Board of Directors of Woqod announced yesterday.
Al Attiyah, speaking on the sidelines of Woqod’s Annual General Meeting said that this is an internal agreement between QP and GRSIA, as the pension fund authority, aiming to diversify its investment portfolio, acquiring stakes in different companies to ensure better returns on citizens’ pension funds.
After the execution of this transfer deal between QP and GRSIA, the energy giant will be left with 20 percent share in Woqod which will be maintained by QP itself.
Woqod’s total assets for 2012 reached QR8bn, up by 15.7 percent, compared to the year 2011. The total equity recorded a growth rate of 14.3 percent to reach QR5.5bn for the same period.
The company’s net profit, after excluding minority interest for 2012 exceeded QR1.15bn, slightly down by 0.028 percent compared to QR 1.18bn in 2011, 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 percent bonus shares in 2011, earning per share (EPS) amounted to QR22.13per share as compared to QR22.78 for the same period of 2011.
Qatar Fuel is a downstream joint stock oil storage, distribution and marketing company. It was established in 2002, and its shares are traded in Qatar Exchange.
The company has five subsidiaries namely Qatar Jet Fuel Company (QJet), Woqod Vehicle Inspection Services (FAHES) Woqod Marine Services, Woqod International and Al Khaleeji Real Estate.
The Peninsula
