Qatar Fuel Company Q.P.S.C. (QFLS) Q4 2023 earnings summary

Executive summary

• FY23 revenue and net profit declined YoY; cash and bank balances increased, while operating cash generation fell.

• Deloitte issued an unmodified opinion, concluding the statements fairly present financial position, performance and cash flows under IFRS.

Financial highlights

• Revenue QR27,932,507k vs QR29,934,920k; gross profit QR738,950k vs QR929,668k.

• Net profit QR1,020,138k vs QR1,101,358k; attributable profit QR983,957k vs QR1,070,065k.

• Other income QR252,696k; finance income QR243,270k vs QR141,399k; provisions/impairments recorded net income of QR15,688k vs net expense of QR3,577k.

• Net cash from operating activities QR1,136,744k vs QR1,999,352k; cash and cash equivalents closed at QR3,416,820k vs QR3,164,500k.

• Total assets QR14,557,665k; total equity QR9,413,787k at 31 Dec 2023.

Outlook and guidance

• Cabinet approved a draft law on 1 Nov 2023 to extend the petroleum marketing, sale, transport and distribution concession for another term; it was referred to the Shura Council.

• Goodwill impairment tests used five-year budgets; management said reasonably possible changes in key assumptions would not cause carrying values to exceed recoverable amounts.