Qatar Fuel profits decline 51% in 6 months due to lower demand for crude

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Mubasher: Qatar Fuel Company announced that its profits for the first half of this year decreased by 51 percent, on an annual basis.

Qatar Fuel said today, Wednesday, that it achieved net profits (after excluding minority rights) 270 million riyals in the first half of 2020, compared to 548 million riyals for the same period last year 2019, a decrease of 51 percent, according to the Qatar News Agency “Qena”.

The Qatari company stated that the return on the share for the first half of this year was 0.27 riyals, compared to 0.55 riyals for the same period last year.

She explained that the decrease in net profits and earnings per share is due to the slowdown caused by the effects of the outbreak of the emerging Corona Virus pandemic (Covid 19) on the one hand, and the factors of supply and demand for petroleum products on the other hand.

The approval of the financial results comes after the third meeting of the Qatar Fuel Company’s board of directors, for the current year, through visual communication technology, headed by Ahmed Saif Al-Sulaiti, Chairman of WOQOD’s Board of Directors, during which the company’s performance and financial results were discussed during the first half of.

Regarding the company’s operations, Saad Rashid Al Muhannadi, managing director and CEO of Qatar Fuel, said that the first half of 2020 witnessed a decrease in the total sales of petroleum products by 22 percent, compared to the same period in 2019.

He pointed out that ship fuel sales increased by 12 percent in the first half of 2020 compared to the same period in 2019, while non-oil retail sales revenues, including Sidra sales, increased by 8 percent, due to the increase in revenues from non-oil retail products to Opening of several additional fuel stations, increasing demand for Sidra store sites.

Al-Muhannadi stated that the number of gas stations operated by the company reached 104 by the end of last June, and that the company plans to add 8 other stations by the end of this year.

He stated that, during the second quarter of 2020, the company also acquired two new fuel ships to support the ship refueling operations it undertakes in cooperation, coordination and partnership with Qatar Petroleum.

Nominations

226 million riyals, “Qatar Fuel” profit in the first quarter







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