Qatar Fuel Company Q.P.S.C. (QFLS) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached QAR 7.1 billion, up 10% year-over-year, with H1 2024 revenue at QR 13.94 billion, a 6% increase from the prior year.

• Net income for Q2 2024 was QAR 239 million, up 10% year-over-year; H1 2024 net profit totaled QR 504.1 million, a 10% increase.

• Maintained a strong market share of about 85% in Qatar's petroleum retail market during H1 2024.

• Basic earnings per share rose to QR 0.48 from QR 0.44 year-over-year.

• Main business is sale and distribution of refined petroleum products, with additional services in vehicle inspection, marine, and real estate.

Financial highlights

• Fuel sales accounted for 97% of total revenue.

• Jet fuel sales volume rose 16% year-over-year in H1 2024, while diesel sales volume declined 1%.

• Combined gasoline sales volume increased 6% year-over-year in H1 2024.

• Gross profit for H1 2024 was QR 332.7 million, nearly flat versus QR 329.9 million in H1 2023.

• Non-fuel retail sales decreased by 8% in H1 2024.

Outlook and guidance

• B2B segment is en route to recovery, with no further decline expected.

• No change in dividend policy; interim dividend of QAR 0.4 per share announced with an 83% payout ratio.

• Results for H1 2024 are not necessarily indicative of full-year 2024 performance.