Oil & Gas News
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Qatar Fuel H1 net profit falls 31pc to $102.45m



Qatar Fuel (Woqod) posted a net profit of QR373 million ($102.45 million) in the first half of this year,  compared to QR540 million for the same period in 2016,  a decrease of 31 per cent.

The main reasons for the decrease in earnings have been attributed to the change in the new terms for fuel supplies to Woqod and its customers, and to the increase in the National Pension Funds contributions as per the current legislation as well as the decline in the value of investment in shares, the company said.

Ahmed Saif Al-Sulaiti, chairman, said Woqod will exert its best endeavours to improve the results in future.

The total sales volume of petroleum products (diesel, gasoline and jet fuel) exceeded 4760 million litres with an increase of 5 per cent in the first half of 2017 as compared to the same period last year. Jet fuel accounted for 45 per cent of the total sales volume followed by diesel (29 per cent) and gasoline (26 per cent). - TradeArabia News Service