Uber looks to pick up Careem in $3 bn deal PAGE 14 TUESDAY, MARCH 26, 2019 DOW25,481.65 QE 9,949.02 SENSEX 37,808.91 GOLD 1,329.00 Boeing to brief on 737 MAX -20.67 PTS +58.72 PTS -355.70 PTS +0.78% updates PAGE 14 PRICE PERCENTAGE PRICE PERCENTAGE 15.56 BRENT 67.26 +0.34% WTI 58.90 -0.24% SILVER +0.96% Woqod to open 13th FAHES centre this year, says CEO Muhannadi and dispensers within them. gas, bunker fuel and bitumen, Shareholders give nod to distribute Last year, the company through the implementation cash dividend of QR8 per share opened 32 new stations in of various projects,” Sulaiti the country, accounting for said. RAHUL PREETH Woqod opened three FAHES 62 percent of the number of At the meeting, the share- DOHA centres last year and has an- stations opened since the es- holders approved the board of other one under design phase. tablishment of the company director’s recommendation to QATAR Fuel (Woqod) will Figures from Woqod’s in 2002, the chief executive distribute a dividend of QR8 add yet another vehicle in- 2018 financial results suggest said. This year, he added, per share. spection (FAHES) centre to that FAHES centres play a Woqod will open 30 more “Considering the finan- its rapidly expanding network significant role in enhancing stations. cial results we achieved last this year, taking the total the company’s earnings. Rev- “Woqod will thus be dou- year and the need for major number across Qatar to 13, enues from FAHES centres bling the number of fuel sta- Woqod’s Chairman Ahmad Said al Sulaiti with other board members during the company’s annual capital projects scheduled for Chief Executive Officer Saad jumped to QR107 million in tions owned by the company general assembly in Doha on Monday. implementation during the Rashid al Muhannadi said on 2018 from QR78 million the until 2017, in only two years. forthcoming years, the Board Monday. previous year. This shows our commitment Woqod’s Chairman Ah- achieving 20 percent increase in fuel dispensers in 2018. of Directors recommended Addressing the company’s As the leading local fuel to our customers and will cer- mad Said al Sulaiti attributed in net profit, 70 percent jump “The group increased its the distribution of dividends annual general assembly and distributor, Woqod is also tainly have a positive impact its positive earnings report in fuel retail market share, a stake in the market of trans- of QR795 million represent- extraordinary general assem- doubling down on expanding in the provision of services,” last year to the growth strat- record sale of 10 billion litres portation and distribution of ing 80 percent of the nominal bly in Doha, Muhannadi said the network of its fuel stations Muhannadi said. egy that has seen Woqod of fuel and 61 percent increase petroleum products, natural paid-up capital,” Sulaiti said. Qatar achieved Lebanon and UK expansion a ‘miracle’ in self-sufficiency yielding good results for DIG International expansion shows resilience of Doha Insurance Group, says chairman projects: QC chair SATYENDRA PATHAK DOHA QNA projects will be launched DOHA after 2022, including infra- DECISION of Doha Insurance structure projects and roads Group (DIG) to expand into HAILING the achievement as well as the construction new markets like Lebanon of post-blockade self-suffi- of buildings, hospitals and and the UK has proved ben- ciency projects in Qatar as a schools,” the QC chairman eficial for the Group as it has ‘real miracle’, Qatar Cham- said. led to promising underwriting ber (QC) Chairman Sheikh He said the govern- results in reinsurance includ- Khalifa bin Jassim al Thani ment’s vision of the private ing various liabilities, life in- said the projects led to the sector has changed radically surance and health insurance, expansion of state’s indus- after the blockade and the the company’s chairman said trial sector. private sector has become on Monday. In an interview with a an active partner in the Addressing shareholders local Arabic daily published overall development pro- at the company’s ordinary on Monday, Sheikh Khalifa cess. and extraordinary general Doha Insurance Group Chairman Nawaf bin Nasser bin Khaled al Thani speaks at the company’s ordinary and extraordinary general assembly underlined that achieving He pointed out that the assembly meeting in Doha, meeting in Doha on Monday. (HANSON K JOSEPH) self-sufficiency was a joint Qatari private sector has Doha Insurance Group Chair- project between the public been able to benefit from man Nawaf bin Nasser bin mance of employees in repre- a larger share of the Takaful to QR71 million in 2017, attrib- clear dividend distribution sector and the private sec- the blockade and develop Khaled al Thani said the sentative offices of the group insurance market.” uted to the increase in the cost policy whereby a minimum tor represented in Qatar itself more intensely and Group has maintained its and its branches. The Group has also devel- of the restricted compensation of 5 percent of shareholders’ Chamber. to participate strongly with strength and resilience in Developing and diversi- oped anti-money laundering in 2018. equity should be distributed “The efforts are shared the government sector in overcoming the negative ef- fying the components of the and counter-terrorism financ- “Investment income after deducting the statutory by all, it is a project involv- facing the challenges. fects and risks imposed upon Group’s investment portfolio ing policies and procedures, as amounted to QR80 million reserve and voluntary reserve ing all governmental and Sheikh Khalifa said Qa- it by the blockade. including increasing the share well as other policies related to compared to QR 50 million in as a first share to the share- civil parties,” he said. tar has held talks with the Despite the challenges, he of bonds and sukuk and rais- conflicts of interest, disclosure, 2017, an increase of 62 per- holders in the event of a profit. Iraqi side to turn the port of said, the company succeeded ing the expected interest rate and performance evaluations cent,” he said. “The remainder of the Umm Qasr as a transit trade in expanding its operations ceiling during 2019, he said. of the board of directors and The group achieved net profits will then be distributed point, linking Qatar with into new markets by opening Highlighting another re- its committees, he said. profit of QR60 million in to the shareholders as an ad- the countries of the region representative offices in Leba- cent achievement, he said, All these achievements, he 2018, compared to QR42 mil- ditional dividend or will be via a land-maritime line, non and the UK. “The Group has completed said, resulted in the company lion in the previous year. transferred at the discretion including Jordan, Lebanon, “We will continue to focus the process of transferring posting impressive financial Total shareholders’ rights of the board of directors to Turkey and Syria. on these two promising mar- its Islamic subsidiary ‘Doha results in 2018. amounted to QR1.063 billion the next year or allocated for “The line will facilitate kets by launching innovative Takaful’ to a limited liability He said, “Premiums for compared to QR1.038 bil- the establishment of a cash the flow of goods from the products suited for our busi- company wholly owned by 2018 amounted to QR624 mil- lion in 2017, he said adding reserve for extraordinary con- countries of the region and ness model,” he said. the Group. The Group has re- lion compared to QR543 mil- earnings per share in 2018 sumption,” he said. reduce the time period,” he He the company will look structured the new company, lion in 2017, with a growth rate amounted to QR1.21 com- Earlier, during the meet- noted. for further expansion in the improved its performance of 15 percent. Net revenues for pared to QR0.84 in the previ- ing the shareholders approved He highlighted the role regional and international and increased the efficiency technical departments amount- ous last year. decision to distribute cash of the chamber in support- markets and enhance perfor- of its staff, enabling it to gain ed to QR69 million compared He said the Group has a dividend of QR0.8 per share. ing the national products, noting that local Qatari products were well received More than 250 industrial by consumers because of QCB governor attends GCC cbanks meeting in Muscat QUICK READ licenses were issued for their diversity and high the establishment of local quality that meet the in- factories during the period ternational standards with Qatar Exchange suitable prices. of the blockade, and the “The national products gains 58.72 points production process began was able to develop itself, QATAR Stock Exchange (QSE) in a record period relying on advanced tech- index gained 58.72 points nological methods, and to (0.59 percent) when the bourse QC Chairman Sheikh double its production to closed trading at 9,949.02 Khalifa bin Jassim al Thani keep pace with the domestic points on Monday. The volume demand.” of shares traded decreased to Sheikh Khalifa hailed 6.65 million from 6.92 mil- Sheikh Khalifa said that the recent decision to open lion and the value of shares more than 250 industrial freehold ownership to non- increased to QR273.52 million licenses were issued for the Qataris. He said, “The free- from QR133.14 million. From establishment of local fac- hold ownership and the per- the 49 companies listed on tories during the period of manent residence decisions QSE, shares of 45 saw trad- the blockade, and the pro- will have a direct impact on ing.