Hello, and welcome to the Qatar Fuel WOQOD conference call. I would like to advise all participants that this call is being recorded. Thank you. I'd now like to welcome Mr. Ahmed Al-Mansouri to begin the conference. Ahmed, over to you.
Yeah, thank you everyone for joining us in today's WOQOD year-end 2023 result conference call. We have with us today Mr. Pradeep Kumar, CFO, Mr. Sultan Jassim Al-Maadeed, Finance Manager, and myself, Ahmed Al-Mansouri, IR. We hope everyone is keeping safe and healthy, and we would like to welcome you all to our conference call and appreciate your participation, as WOQOD is committed to continuously enhance its investor relation initiatives. This is to strengthen our communication and improve transparency with all members of the global investment community. The presentation of this call will be available on the investor relations section of our website. Any statement that refers to expectations, projections, guidance, or any other characterizations of future events, including financial projections or future market conditions, is a forward-looking statement based on the assumptions today.
Actual results may differ materially from those expressed in these forward-looking statements. The company cannot disclose any commercially sensitive information due to the confidentiality agreement signed with suppliers. Please, please refer to slide number two for the full version of the disclaimer statements. All figures expressed in this call are in Qatari riyals, and the conversion for the same to U.S. dollar is Qatari riyal 3.642 U.S. dollar. Now, I would like to hand over the call to our Finance Manager, Mr. Sultan Jassim Al-Maadeed, to provide a brief overview of WOQOD and update on the key operational activities.
Thank you, Ahmed. The key vision of WOQOD is to be the leading petroleum products distribution and related service marketing company in the region. I am on slide four now, which shows the overview of WOQOD Group. WOQOD started operation in 2002, with exclusive rights for storage and distribution of petroleum products in the state of Qatar. Operation started with two petrol stations in 2003, and has grown to 126 stations by end of 2023. The chart on the right shows WOQOD station network. WOQOD also owns and operates 13 FAHES Centers for Inspection of Vehicles across the state of Qatar. I am on slide five now, which shows the key operation of WOQOD Group.
Key operations of WOQOD Group are diesel and gasoline fuel distribution and sales, jet fuel distribution and sales, shore-to-ship and ship-to-ship bunkering, LPG distribution and sales, natural gas distribution and sales, fuel bunkering, bitumen operations, c-store, and auto care activities, vehicle inspection services, and finally, office leasing. Turning to slide seven now, which shows the diesel and gasoline fuel sales volume trend analysis, as mentioned before. The core activity of WOQOD is fuel distribution and sales in the state of Qatar. Total diesel and gasoline fuel sales lowered by 5% during full year 2023 versus full year 2022, driven by market demand. Diesel sales volume were lower by 15% during full year 2023, as compared to the same period last year, driven by macroeconomic factors.
Combined gasoline sales volume were up by 4% during full year 2023 versus full year 2022, driven by market demand. On a quarter-on-quarter basis, sales volume for fourth quarter 2023, diesel sales decreased by 7%. However, gasoline sales increased by 6%. As compared to fourth quarter 2022, diesel sales dropped by 12%, whereas the gasoline sales increased by 4% in fourth quarter of 2023. During the year, average fuel prices for diesel remained unchanged. However, gasoline average decreased marginally by 1.4% during the current year. Turning to slide eight, which shows the jet fuel sales volume comparison. Jet fuel sales were higher by 16% during full year 2023 as compared to the same period of last year, driven by market demand.
On quarter-on-quarter basis, jet fuel sales volume for fourth quarter 2023 decreased by 7%, driven by market demand. As compared to fourth quarter 2022, jet fuel sales volume increased by 22% during fourth quarter 2023. Fuel jet fuel prices for the year 2023 decreased by 17% as compared to the same period of last year. Combined sales volume of all petroleum products increased by 5% for the year 2023, as compared to the same period of last year. Turning to slide nine, which shows the quarterly trend of retail fuel sales volume trend. Overall retail fuel volume decreased by 2% for the year 2023 as against the same period of last year, driven by decrease in market demand.
Retail diesel sales decreased by 14%, whereas the retail gasoline retail gasoline sales increased by 3% during full year 2023, as compared to the same period of last year. On quarter-on-quarter basis, diesel retail fuel volume in fourth quarter 2023 increased marginally. However, gasoline retail sales increased by 6% against third quarter 2023. As compared to fourth quarter 2022, retail diesel sales decreased by 11%, whereas retail gasoline sales increased by 2% in fourth quarter 2023, driven by market share factors. The market share of WOQOD in the petroleum retail market in the State of Qatar reached to about 86% during the year 2023. We'd like, we would like also to mention that non-fuel retail sales increased by 1%, driven by various initiatives.
Now I would like to hand over the call to our CFO, Mr. Pradeep Kumar, to discuss the key financial results.
Thanks, Sultan, for all the volume updates. Good day, everyone, and hope everyone is safe and healthy. Now, I would like to discuss the consolidated financial results of WOQOD for the year 2023. Starting from the revenue, I'm on slide 11 now, which shows the revenue trends of WOQOD. Revenue from fuel sales account for nearly 97% of the total revenue. WOQOD achieved total revenue of QAR 28 billion for the year 2023, as compared to QAR 30 billion during 2022, representing a decrease of 7%, which is mainly driven by the decrease in fuel prices by 9%, partly offset by increase in sales volume by 5%.
As compared to third quarter of 2023, the total revenue increased by 1% during fourth quarter of 2023, mainly driven by increase in fuel sales price by 8%, which is partly offset by decrease in sales volume by 4%. WOQOD achieved total revenue of QAR 7.4 billion for the fourth quarter of 2023, as compared to QAR 7.36 billion during the same period last year, showing an increase of 1%. The main reason for the increase in revenue is the increase in fuel sales volume by 9%, partly offset by decrease in prices by 3%. Turning to slide 12, which shows the net income trend analysis.
WOQOD has made a net income of QAR 984 million for the year 2023, as compared to QAR 1,070 million during 2022, representing a decrease of 8%. On a quarter-on-quarter basis, the net income for fourth quarter 2023 remains almost the same, which is QAR 272 million. As compared to fourth quarter of 2022, the net income for fourth quarter of 2023 is lower by QAR 35 million, which represents a decrease of 11%, mainly driven by lower income from B2B segment. The detailed analysis of net income variance is given in the next slide. Slide 13 shows the key variance analysis of net income for the year 2023, as compared to same period last year. The decrease in net income of QAR 86 million is due to following major variances.
Operating margin decreased during the year 2023, as compared to 2022, as a result of decrease in B2B segment income, driven by lower diesel and premium sales, which is partly offset by the increase in the jet fuel volume. Trading stock price variance is mainly driven by decrease in jet fuel price by 17% during the year, as compared to the closing values of last year. G&A expense decrease, mainly driven by lower reserves provision in line with IFRS requirement. Other income increase is mainly driven by higher interest income, driven by the optimization efforts on return on cash. WOQOD's fundamentals continue to remain robust, and WOQOD is committed to meet all its strategic goals while placing safety as a top priority. WOQOD has a strong leadership committed towards delivering the results to the shareholders. With this, we are ready for the Q&A. Thank you.
Thank you. If you'd like to ask a question, simply press the star followed by the number one on your telephone keypad. That is star one to ask a question. As a reminder, if you'd like to ask a question, please press the star followed by the number one on your telephone keypad. Thank you. Our first question comes from the line of Ildar Khaziev from HSBC. Please go ahead with your question.
Yes. Hi, thank you very much for your presentation. A couple of questions for you, please. First of all, could you provide any guidance on your CapEx for this year? That's question number one. And maybe you could actually comment why I think for 2023 earlier, I think you've guided a much, much higher number, but it came, like, lower. Any reasons for that? Anything has been postponed? And question number two would be about the performance of your jet fueling business. So when I'm looking at the non-controlling interest line on your P&L, it seems that that line has not been affected by the very strong volume increase for jet fuels.
Is my understanding correct that that subsidiary sort of trades on a fee basis, you know, doesn't really capture any of the inventory trading stock variances and so on and so forth? Thanks very much.
Thanks for the question. On the first part of it, CapEx for the year is QAR 150 million. As compared to last year, it has reduced because a lot of our projects have been completed, that's why it is lower than last year. Regarding your second part of the question, which is jet fuel. And their sales of jet fuel is accounted in WOQOD. Because the minority interest, they are handling the operation side on a fixed fee basis.
Thank you very much.
Thank you.
Thank you. Our next question comes from the line of Rob Skipper from Ashmore. Please go ahead with your question.
Hi, good morning, everyone. Thanks for your, thanks for your time and the presentation this morning. I just wondered just around the operating margin decline driven by B2B diesel and the bitumen business. Are you able to allocate the QAR 97 million decline to those two segments? Like, which one was much more impactful?
I would say majority of it is B2B. Actually, you know, roughly, you know, the B2B impact was around QAR 150 million during the, during the year. But of course, because of the jet fuel, you know, that offsets, that's why the net impact is only QAR 97 million.
Oh, okay. Great. And then could you just talk a little bit about just the kind of volume outlooks in 2024?
Well, at this point, you know, we expect the same kind of trend or the same volume levels in 2024. We have to wait and see.
Okay. And diesel, you wouldn't expect further declines in diesel from 2023 levels?
At this point, we expect to continue the same level with the market trend, because it already took a considerable decrease during 2023.
Yeah. Okay, great. Thank you.
Thank you. As a final reminder, if you'd like to ask a question, please press the star followed by the one on your telephone. That is star, followed by the one. There are no further questions at this time. I will now hand the call back to Mr. Ahmed Al-Mansouri.
Thank you everyone for joining us in today's call. We hope to see you in the future. Thank you very much.
Thank you. This concludes today's conference call. You may now disconnect.