Qatar Fuel Company Q.P.S.C. (QFLS) Q4 2025 earnings summary

Executive summary

• Achieved total revenue of QAR 26 billion in 2025, down 8% year-over-year due to lower average sales prices despite a 1% increase in fuel sales volume.

• Net income for 2025 was QAR 1.04 billion, a 1% decrease from 2024, mainly due to lower other income and non-fuel segment performance.

• Consolidated financial statements for the year ended 31 December 2025 were audited and present a true and fair view in accordance with IFRS standards.

• The Group operates mainly in Qatar, focusing on sale, marketing, and distribution of oil, gas, and refined petroleum products, with additional services in vehicle inspection, marine, bitumen, and real estate.

• More than 96% of revenue is from refined petroleum product sales, and 43% of revenue is from a single external customer.

Financial highlights

• Revenue for 2025 was QAR 25,943 million, down from QAR 28,048 million in 2024.

• Net profit for 2025 was QAR 1,081.8 million, slightly down from QAR 1,092.6 million in 2024.

• Gross profit increased to QAR 869.5 million from QAR 809.9 million year-over-year.

• Fourth quarter 2025 net income was QAR 288 million, up 2% year-over-year but down QAR 4 million sequentially.

• Average fuel prices for diesel and gasoline fell by 1% each in 2025; jet fuel price dropped 10%.

Outlook and guidance

• Plans to open 10 new stations in 2026, bringing the total to 138, with at least 5 more planned for 2027.

• Retail fuel sales volume expected to grow at a similar 3% rate in coming years.

• CapEx for 2026 projected at QAR 200–300 million, higher than 2025, due to new stations and reliability projects.

• The Group continues to monitor regulatory changes, including the implementation of the global minimum corporate tax (Pillar Two), with no top-up tax applicable for 2025.

• Dividend policy aims to maximize payouts, but future dividends will depend on annual results.