Qatar Fuel Company Q.P.S.C. (QFLS) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 was QAR 12.5 billion, down 11% year-over-year, mainly due to a 1% drop in fuel sales volume and a 10% decrease in average sales price.

• Net income for H1 2025 was QAR 460 million, a 4.5% decrease year-over-year, while total comprehensive income rose to QAR 500.8 million due to investment gains.

• Retail fuel sales volume increased by 2% year-over-year, while non-fuel retail sales declined by 9%, mainly due to lower LPG sales.

• Interim cash dividend of QR 0.4 per share (QR 398 million total) was proposed for H1 2025.

• Management expects higher demand in the second half of the year, consistent with historical trends.

Financial highlights

• Fuel sales accounted for 97% of total revenue, with diesel sales volume down 2% and gasoline sales volume up 2% in H1 2025.

• Gross profit increased to QR 348.3 million from QR 332.7 million year-over-year.

• Basic and diluted EPS was QR 0.46, down from QR 0.48 year-over-year.

• Cash and bank balances stood at QR 2.27 billion as of 30 June 2025.

• Net income for Q2 2025 was QAR 230 million, down 4% year-over-year and stable sequentially.

Outlook and guidance

• Management expects higher demand in H2 2025, consistent with historical trends.

• The group is assessing the impact of Qatar's new Domestic Minimum Top-up Tax, with no accruals made yet for H1 2025.

• Anticipates bulk diesel sales to benefit from upcoming government projects.

• Ongoing strategic focus on improving non-fuel retail segment and expanding EV charging infrastructure.

• Management notes H1 results are not necessarily indicative of full-year 2025 performance.