Hello everyone, and welcome to WOQOD conference call. Please note that this call is being recorded. I'd now like to hand over to Phibion from QNB for opening remarks.
Thank you, Ellie. A good morning to you all. I would like to welcome you to the WOQOD first quarter of 2026 earnings conference call. On the call today from the WOQOD management team, we have the CFO, Pradeep Kumar, the Finance Manager, Abdulrahman Al Hammadi , and the IR officer, Ahmed Saeed Al-Mansouri. As usual, they will first give us an overview of the first quarter, and then we'll have a Q&A session afterwards. Let me turn over the call to Ahmed to begin. Over to you, sir.
Thank you Phibion . Good day to all the participants, and we hope everyone's keeping safe and healthy. We welcome you all to WOQOD first quarter ended March 2026 results conference call, and appreciate your participation as WOQOD is committed to continuously enhance its investor relations initiatives. This has strengthened our communication and improved 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 statements that refer to expectations, projections, guidance, or any other characterization 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 the suppliers.
Please refer to slide number two for the full version of disclaimer statements. All figures expressed in this call are in Qatari riyal, and the conversion for the same to U.S. dollar is QAR 3.64 to $1. Now, I would like to hand over the call to our Finance Manager, Mr. Abdulrahman Mohammed Al-Hammadi, to provide a brief overview of WOQOD and update on the key operational activities.
Thanks, Ahmed. Good morning, everybody. The key vision of WOQOD is to be the leading petroleum product distribution and related services marketing company in the region. I am on slide four, 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 130 stations at the end of March 2026. 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'm on slide five, which shows the key operation of WOQOD Group.
Key operations of WOQOD Group are diesel and gasoline fuel distribution and sale, jet fuel distributions and sale, shore-to-ship and ship-to-ship bunkering, LPG distributions and sale, natural gas distributions and sale, fuel bunkering, bitumen operations, C-store and Auto Care activity, vehicle inspection activity, and office leasing. Turning to slide seven, which shows the diesel and gasoline fuel sale volume trend analysis.
As mentioned before, the core activity of WOQOD is fuel distributions and sales in the state of Qatar. Total fuel sales lowered by 2% during YTD March 2026 as compared to the YTD March 2025, driven by current circumstances. Diesel sales volume decreased by 2% during YTD March 2026 versus the same period last year, mainly due to lower sales in B2B segment, driven by prevailing circumstances. Combined gasoline sales volume decreased by 2% during YTD March 2026 as compared to YTD March 2025, driven by market demand.
On a quarter-on-quarter basis, the first quarter 2026 diesel and gasoline sales volume decreased by 17% and 11% respectively. Average fuel price for diesel and gasoline decreased by 3% and 8% respectively during the reporting period. Turning to slide eight, which shows jet fuel sales volume comparison. Jet fuel sales decreased by 26% for first quarter 2026 as compared to the same period last year, driven by current circumstances.
On a quarter-on-quarter basis, jet fuel sales volume for first quarter 2026 decreased by 34%, driven by market demand. Jet fuel price for first quarter 2026 decreased by 7% as compared to the same period last year, driven by change in crude oil price. Combined sales volume of all petroleum products decreased by 15% during YTD March 2026 as compared to the same period last year. Turning to slide nine, which shows the quarterly trend of retail fuel sales volume.
Overall retail fuel volume of WOQOD petrol stations decreased by 3% during the first quarter 2026 as compared to the same period last year, driven by current circumstances. Retail diesel and gasoline sales decreased by 4% and 3% respectively during the first quarter 2026 as compared to the same period last year, driven by market demand.
On a quarter-on-quarter basis, the first quarter retail diesel and gasoline sales volume decreased by 16% and 12% respectively. The market share of WOQOD in the petroleum retail market in the State of Qatar reached about 84% during the first quarter 2026. Non-fuel retail sales decreased by 13% during the first quarter 2026, mainly on account of decrease in Sidra and ABC sales due to the market condition. Now, I would like to hand over the call to our CFO, Mr. Pradeep Kumar, to discuss the key financial results.
Thank you, Abdulrahman, for all the volume updates. Good day, everyone. I would like to discuss the consolidated financial results of WOQOD for the first quarter 2026. Slide 11 shows the revenue trend of WOQOD. Revenue from petroleum products account for nearly 96% of the total revenue. WOQOD achieved total revenue of QAR 5 billion for the first quarter 2026, as compared to QAR 6.3 billion during the same period last year, resulting in a decrease of 21%.
This decrease is mainly driven by the decrease in overall fuel sales volume by 15% and decrease in average sales price by 7% during the first quarter 2026 as compared to same period last year. On quarter-on-quarter comparison basis, the total revenue for first quarter 2026 decreased by 26%, mainly due to decrease in sales volume by 24% and decrease in average sales price.
Moving to slide 12, which shows the net income trend analysis. WOQOD has made a net income of QAR 163 million for the first quarter 2026 as compared to QAR 230 million for the same period last year. Net income lower by 29%, mainly due to decrease in overall sales volume and stock price variances. The detailed analysis of net income variance is given in the next slide.
I'm on slide 13 now, which shows the key variance analysis of net income for the first quarter 2026 as compared to same period last year. Net income during first quarter 2026 decreased by 29%, that is QAR 68 million lower as compared to same period last year, mainly due to following factors. Net fuel operating income decrease mainly driven by decrease in overall volume by 15%.
Trading stock price variance is mainly driven by lower fuel prices during first quarter 2026. B2B segment income decrease mainly due to lower offtake of volumes by the B2B segment driven by the current circumstances. Non-fuel operating income and other segments decreased, mainly driven by lower business activities due to prevailing market conditions.
To conclude, WOQOD's results reflect resilience of our business, the financial strength, and our continued focus on safety, reliability, and operational efficiency. 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 strong leadership committed towards delivering the results to the shareholders. With this, we are ready for the Q&A session. Thank you.
We are now opening the floor for question and answer session. If you'd like to ask a question, please press star followed by one on your telephone keypad. That's star followed by one on your telephone keypad. Your first question comes from the line of Mohammed Adnan of Al Rayan Investment. Your line is now open.
Thank you. Thank you, Pradeep. Thank you, gentlemen, for the presentation. Just two questions. One, have you seen a recovery in the volumes since the war situation has subsided? Are you seeing a recovery in the volumes? I'm assuming all this decline is primarily because of the fuel, of the war. Secondly, the jet fuel prices have declined again 7% this year. Do you see some improvement in these prices as oil has already increased? If you could give us some color on these two questions. Thank you.
Hi, Mohammed Adnan. Yes. Regarding your first question, which is recovery of volume, I would say that jet fuel suffered the most, was 87% down as compared to 2025 March. That has shown some recovery in April, so we hope it will continue to improve in coming weeks. Regarding the other fuel, yes. I mean, it was not as bad as jet fuel, but that also shows the improvement trend in recent weeks. We are expecting to improve this in coming weeks. That's on the fuel volume recovery. On jet fuel prices, the prices are determined by QatarEnergy, and we are only a distributor, so they will decide the price after considering all the factors.
Your next question comes from the line of Rabih Moussa of QIC. Your line is now open.
Hi. Thank you for the call. A couple of questions from my side. The first one relating to the stations, the planned stations at the beginning of the year that you planned to open. Are we still on track on this? My second question is on jet fuel sales. What is the percentage recovery you're seeing in April?
On the petrol station development, yes, we are still on the plan. We don't see any issue with that. Regarding jet fuel recovery, yes. Last month it was only 13% of last March, but right now we see that considerable improvement. So as of now, I would say that it has reached around half of volume. We don't know. We are closely watching the situation. It may go up or down, but we are closely watching it. Yeah.
You see half of the volumes recovered in April? Sorry, I didn't get that.
So far, that's the recovery trend. Is it an indication? We don't know. We are telling you based on our last two weeks of volume.
Okay. Thank you.
Again, if you'd like to ask a question, please press star followed by one on your telephone keypad, press star followed by one on your telephone keypad We will pause for a brief moment to wait for the questions to come in. Looks like we don't have any pending questions. I'd now like to hand the call back to Phibion for closing remarks.
Thank you, Ellie. If there are no further questions on the line, it brings us to the end of our call today. Many thanks to the management team for updating the market and responding to investor questions. Thank you all for joining us. Please do join us for the Q2 call. Enjoy the rest of your day.
Thank you for attending today's call. You may now disconnect. Goodbye