Woqod share in local retail market reaches about 85% in 2021 driven by higher sales

Woqod's share in the domestic petroleum retail market reached about 85% in 2021, driven by higher sales indicating signs of recovery from the pandemic.

This year, Woqod plans to complete the “construction and operation” of 12 new fuel stations, thus bringing the total number of stations to 123. Last year, the company opened nine Sidra Convenience Stores, and three new fuel stations, increasing the number of stations to 111 (by end-2021).

Besides introducing more Woqod-branded products and lubricants, last year the company launched some initiatives and projects in aviation, marine, bunkering, technical inspection, and non-retail segments.

Woqod started operations in 2002 with exclusive rights for storage and distribution of petroleum products in Qatar. Operations started with two fuel stations in 2003 and Woqod’s network has since grown to 111 at the end of 2021

Woqod also operates 13 Fahes centres for technical inspection of vehicles. Besides diesel and gasoline fuel sales and distribution and operation of Sidra Stores, Woqod also is involved in auto-care services, jet fuel sales, LPG and natural gas sales and distribution, bitumen operations, shore to ship and ship to ship bunkering.

Last year, Woqod ‎ posted a net profit of QR974mn in 2021, up 38% on QR707mn registered in 2020. Woqod financial results were announced after a virtual meeting of its Board of Directors chaired by Ahmed Saif al-Sulaiti.

Earnings per share for the period amounted to QR0.98 in 2021 compared to QR0.71 for the past year, while shareholders’ equity increased by about 7% to QR9bn last year compared to QR8.4bn in 2020.

Woqod was ranked by MSCI QSE ESG Index as the sixth best company in the fields of governance, environment, and social responsibility. Also, Woqod was ranked by Forbes among the top 100 listed joint stock companies in the Middle East for 2021. The ranking was based on the most valuable companies across Middle East.