Qatar Fuel Company Q.P.S.C. (QFLS) Q3 2024 earnings summary

Executive summary

• Achieved total revenue of QAR 21.3 billion YTD September 2024, up 4% year-over-year, driven by a 7% increase in overall fuel sales volume.

• Net profit for the nine months ended 30 September 2024 reached QR 771 million, up from QR 712 million year-over-year, an 8% increase.

• Net income for Q3 2024 was QAR 289 million, a 6% increase year-over-year, and up 21% sequentially from Q2 2024.

• Retail fuel market share in Qatar reached 85% YTD September 2024.

• Board approved the 2025 capital and operational budget.

Financial highlights

• Fuel sales accounted for 97% of total revenue.

• Diesel sales volumes decreased by 2% YTD, while gasoline sales volumes increased by 5% YTD compared to last year.

• Jet fuel sales volumes rose 11% YTD, with prices down 4% year-over-year.

• Retail fuel sales volumes increased by 3% YTD; retail diesel up 2%, retail gasoline up 4%.

• Non-fuel retail sales declined by 8% YTD, mainly due to lower auto care services.

Outlook and guidance

• B2B segment expected to improve in Q4 2024 due to anticipated increase in macroeconomic activities.

• Management is monitoring the impact of electric vehicles and has installed 22+ EV chargers, but expects limited short-term impact.

• Expansion plans for fuel stations remain dynamic and responsive to market demand, with another petrol station planned for Q4 2024.

• Initiatives underway to boost income from non-petroleum product segments, with implementation started in 2024.

• Continued focus on efficiency, effectiveness, and stakeholder value enhancement.