Qatar Fuel Company Q.P.S.C. (QFLS) Q4 2024 earnings summary

Executive summary

• Net income for 2024 rose 7% to QAR 1.052 billion, up from QAR 984 million in 2023, driven by increased fuel segment margins and higher returns on cash and investments.

• Achieved total revenue of QAR 28 billion for 2024, nearly flat year-over-year as higher sales volumes were offset by lower average prices.

• Maintained a dominant 85% market share and exclusive concession for refined petroleum product distribution in Qatar.

• Total fuel sales volume reached a record 11.3 billion liters, a 6% increase over 2023, driven by jet fuel and gasoline sales.

• Company ranked 3rd on Qatar Stock Exchange for ESG performance.

Financial highlights

• Fuel sales volumes increased by 6% in 2024 versus 2023, with gasoline up 4% and diesel down 3%.

• Jet fuel sales volume grew 10% year-over-year to 6.2 billion liters, though prices declined 10%.

• Retail fuel volume rose 3% year-over-year; non-fuel retail sales fell 8% due to lower auto care demand.

• Q4 2024 revenue decreased 8% sequentially, mainly due to a 3% drop in sales volume and 6% lower sales prices.

• Earnings per share increased to QAR 1.06 from QAR 0.99 in 2023.

Outlook and guidance

• Jet fuel segment expected to continue improving in 2025, with other segments stabilizing.

• Anticipates reasonable jet fuel volume growth in 2025, though not at 2024's 10% rate.

• Board recommends a final dividend of QAR 1 per share, with QAR 0.60 per share to be distributed after interim payments.

• Plans to open Al Nigyan-2 station and complete four more stations plus a vehicle inspection center in 2025.

• Exploring external investment opportunities for international growth.