DOHA: Woqod’s net profit, after excluding minority interest, declined one percent for the first nine months of 2012, compared with the same period in 2011.
The net profit recorded QR876m for 9M as compared to QR888m for the same period last year. The small decrease in profit is due to the completion of some major projects such as New Doha International Airport, gas projects and others, which resulted in a decline of sales for certain petroleum products, Mohamed Turki Al-Sobai, Vice Chairman and Managing Director, Woqod said while announcing the results.
As a result of the increase in capital base through issuing 25 percent bonus shares in 2011, earning per share (EPS) reached QR16.85 per share as compared to QR21.35 for the same period of 2011.
While total assets reached QR8.3bn, up by 19 percent from last year figures, total equity increased by 9 percent to reach QR5.2bn for the same period.
Al Sobai added that Woqod is currently involved in implementation of more than 40 projects, including expansion projects of existing 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, Lakhdaira and Mesaeed West, he said.
The constructions of two other projects are currently accelerating in the following areas: The Pearls and Mesaieed North. Other projects include Al Ruhaia, Al wajba, The Marine at Doha Port, Um Thughaib, Um Karn, Al Thakeera, The Al Jumailia, Al Qutaifa and Al Wakeer are either at early stage of construction or in tendering process .
other projects
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.
Two technical inspection centres located at Messaimer petrol station, and North University petrol stations are near completion and will be operational during the second half year of 2012.
After the commissioning of Katara and the Educational City, Woqod’s Tower C- Store at Al-Dafna is slated to be opened during the fourth quarter of 2012.
Woqod’s Tower which is located at Al-Dafna area is totally completed. The project is currently under commissioning and first stage mobilisation is taken place.
The Product Supply Pipelines project is currently executed by Qatar Petroleum, in cooperation with Woqod. The 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-A1) will be completed and commissioned before the opening of the New Airport at the beginning of 2013.
The Peninsula
