(The Group’s Comments) Woqod's Net Profit Rises Up 5.6% to QAR 872 Million in Q3 2019

Ø  Profits: increased by 5.60% to QAR 871.8 million for the period ended 30 September 2019, compared to QAR 825.5 million for the same period last year. The company’s earnings per share amounted to QAR 0.88 versus QAR 0.83 for the corresponding period of 2018. As for the third quarter profits, Woqod posted QAR 323.5 million, almost unchanged compared to the same period in 2018. The improvement in profits resulted from the increase in other revenues by QAR 9.0 million in addition to the decrease in general and administrative expenses by about QAR 6.0 million.

Ø  Comprehensive Income: Woqod recorded an assessment profit of QAR 31.85 million, compared to profit for the same period in 2018 of about QAR 58.93 million.

Ø  Revenues: decreased by 1.6% or QAR 269.2 million, to reach QAR 16,704.6 million. The decline in sales value was caused by lower prices of oil derivatives during the period, compared to the same period in 2018, knowing the company is working under an agreement to ensure a profit margin of 5% annually. The number of petrol stations the company owns and runs by the end of the third quarter amounted to about 90 stations, and the company plans to open 22 additional stations by the end of this year.

Ø  Cost of Revenues: with the decrease in revenues, revenues’ costs decreased by 1.7% or QAR 270.8 million to settle at QAR 15,757.1 million, which led to improved profit margins at the end of the period. The cost of revenues to revenues amounted to about 94.3%, and the total profit reached QAR 947.5 million, compared to QAR 945.8 million for the corresponding period of 2018. The profit margin improved to 5.40% compared to 5.22% for the same period of last year.