Mubasher: Qatar Fuel (Woqod) reported a 55.3% year-on-year leap in its profits for the first quarter of 2018.

Net profits amounted to QAR 301.1 million in Q1-18, compared to QAR 176.4 million in Q1-17, according to the state-run company’s filing to the Qatar Stock Exchange (QSE) issued late Sunday.  

The company attributed the profit increase to efforts exerted to enhance efficiency in the works, activities and operations, in addition to its endeavors to reduce expenses according to the study carried out and put into effect as of Q1-17.

Earnings per share (EPS) rose to QAR 3.03 for the three-month period ended 31 March 2018, versus QAR 1.77 a share for the same period of the previous year, the filing showed.

For the full-year 2017, Woqod’s profits grew 9.2% to QAR 964 million, from QAR 883 million a year earlier.