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(The Group’s Comments) Woqod Net Profit Up
20% to QR 1,160 Million in 2018
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Profits: Qatar Fuel’s (Woqod) 2018 net profits rose by %20.3 to QR 1,160.1
million, compared to QR964.1 million in the previous year, while
the company’s earnings per share amounted to about QR11.67 in
2018, versus QR9.70 in 2017.
Moreover, Woqod’s profits for the fourth quarter of 2018 reached QR
334.6 million, an increase of 4.4% when compared with QR 321.1
million for the same period of 2017, and 4.0% compared to the
third quarter of 2018.
The growth in 2018 profits is due mainly to an increase of other
revenues by nearly 35% to QR 467 million, compared to QR 346
million in the previous year, in addition to the decrease of
administrative and general expenses by 13.3% compared to 2017.
Other revenues are mainly interest income and dividends from
financial investments.
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Comprehensive income: The total comprehensive income amounted to QR 1,916.08 million by
the end of 2018, as the company bought in profits of QR 672.11
million from the revaluation of its investments. These
investments recorded an assessment loss of QR 262.12 million in
2017.
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Revenues: Rose by 33% to QR 23,149 in 2018, compared to QR 17,372 million in
2017. Woqod built additional 32 service stations in 2018,
bringing the number of its operating stations to 84, which
contributed to the increase in revenues. The total profit (sales
- cost) decreased by 2.60% by the end of 2018, compared to the
previous year as a result of the increase in the ratio of costs
to revenues to reach 95%, versus 93.25% for 2017.
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Shareholders’ equity: Increased by 13.56% to reach QR 8,031 million by the end of 2018,
compared to QR 7,072 million in the same period of 2017. This
increase is due to the company's revaluation surplus which
resulted in QR 531.8 million. Shareholders’ return on equity for
the year 2018 amounted to about 14.44%, compared to 13.635% for
the year 2017.
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Dividend distribution: The Board of Directors recommended the distribution of 80% of the
nominal value of the share in cash dividend (4.26% dividend
yield), i.e. QR 8.00 per share, the same as the distribution
ratio of 2017.
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Market ratios: The stock is currently traded at a PE multiple of 16.00 times and a
book value multiple of 2.48 times.
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