DOHA: Qatar Fuel Company (Woqod) on Wednesday announced it registered a net profit of QR429 million in the first nine months of 2020, compared to QR872 million achieved in the same period last year.
The company’s EPS was QR0.43 compared to QR0.88 for the same period last year. The decrease in net profit and EPS was partly attributed to a slowdown in the market due to Covid-19 and lower demand for petroleum products.
Woqod Managing Director and CEO Saad Rashid Al Muhannadi said the group’s net profit and overall sales volumes witnessed a considerable increase in the third quarter of 2020 compared to second quarter of the same year.
Al Muhannadi said the company’s overall sales of petroleum products decreased by 23 per cent as compared to the same period of last year driven by the negative impact of the Covid-19 pandemic.
Diesel, Super Gasoline and Premium Gasoline sales decreased by 11 per cent, 14 per cent, and 9 per cent, respectively, and jet fuel volumes decreased 34 per cent due to reduced operations of airlines in most countries.
Bitumen and LPG
Bitumen sales decreased by 64 per cent driven by macroeconomic factors, the pandemic and the completion of major projects. LPG sales decreased by 3 per cent compared to the same period of 2019.
Refined petroleum products retail sales from petrol stations decreased 3 per cent compared to the same period of last year driven by microeconomic factors as well as the negative impact of the pandemic.