Woqod (Qatar Fuel Company), which is currently involved in implementing more than 45 projects, has reported a 6% decline in net profit to QR561.05mn in the first half of this year despite buoyant revenues.

“The decrease in profit is due to the completion of some major projects such as the New Doha International Airport, gas projects and others, which resulted in a decline of sales for certain petroleum products,” Woqod vice chairman and managing director Mohamed Turki al-Sobai said.

Revenues rose 12% to QR5.60bn but direct costs grew faster at 14% to QR4.72bn, leading to a mere 2% jump in gross profit to QR885.85mn, according to its financial statement.

Sale of aviation fuel jumped 19% to QR3.03bn, which was 54% of total revenue; refined products by 5% to QR2.45bn (44%) and transportation and other revenue by 1% to QR0.12bn (21%).

Four petrol stations in Roda Al Hamam, Bu Samra, Lakhdaira and Mesaieed West are expected to be opened during the third quarter of this year, al-Sobai said, adding two vehicle inspection centres at Mesaimeer petrol station and North University.

On its venture in Saudi Arabia, he said the engineering works have been completed and the project is in the tendering process.

Other income fell 12% to QR86.72mn, while general and administration costs rose 8% to QR269.22mn.

Total asset were valued at QR7.64bn comprising current assets of QR5.30bn and non-current assets of QR2.34bn.

Total equity stood at QR5.17bn on a capital base of QR519.75mn and earnings-per-share was QR10.79 at the end of June 30, 2012.